Xiaomi experienced its biggest sales decline so far in the past quarter

The Chinese smartphone manufacturer experienced a record decline in sales in the fourth quarter of 2022. Sales fell by 22.8 percent compared to the same quarter the year before. In total, last year’s turnover fell by 14.7 percent compared to 2021.

Xiaomi attributes the decline in sales to the corona restrictions in China. Among other things, turnover from smartphone sales and ‘IoT and lifestyle products’ fell. Turnover from internet services increased slightly. Xiaomi expects the decline to continue to increase in the first half of 2023, but to see an increase again after that.

In the fourth quarter of 2021, Xiaomi recorded a turnover of 85.58 billion yuan, equivalent to around 11.56 billion euros, but last year this was only 66.05 billion yuan, or 8.92 billion euros. According to Reuters This is Xiaomi’s biggest sales drop in a quarter so far. In total, the Chinese manufacturer achieved a turnover of 280.044 billion yuan in 2022, compared to 328.3 billion a year earlier.