Xiaomi experienced the largest turnover drop so far in the past quarter

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

Xiaomi blames the drop in sales on the corona restrictions in China. Among other things, turnover from smartphone sales and ‘iot and lifestyle products’ fell. Turnover from internet services rose slightly. Xiaomi expects the decline to continue to increase in the first half of 2023, but to see an increase afterwards.

In the fourth quarter of 2021, Xiaomi still had a turnover of 85.58 billion yuan, converted about 11.56 billion euros, but last year it was only 66.05 billion yuan, or 8.92 billion euros. According to Reuters is that the largest drop in sales in a quarter from Xiaomi 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.