Xiaomi announces Q1 2023 report: Promising results

Onur Demirkol
May 26, 2023
Mobile Computing
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Xiaomi has announced its first financial report for Q1 2023 and showed promising results. The company has sold 30 million phones and reached over 600 million active users.

The Chinese technology giant has revealed its financial numbers for the first quarter of 2023. With the shipment of 30.4 million units, the smartphone industry generated CNY 35B (just under $5 billion) in revenue. The ASP increased 2.7% over the previous quarter to CNY 1,152 ($163).

With a market share of 11.3%, Xiaomi came in third place in the first quarter of 2023, while Apple and Samsung delivered nearly twice as many phones each between January and March. In its home market, the business increased sales by 22.2% QoQ, but Vivo outsold it, moving Xiaomi to fourth place, behind Apple and Oppo.

"In the first quarter of 2023, despite the continued uncertainty in the global economy, we continued to execute our key corporate strategy of "dual emphasis on scale and profitability." We prudently operated our core business segments and optimized our operating efficiency while continuing to invest in the future. In the first quarter of 2023, our total revenue amounted to RMB59.5 billion, and our adjusted net profit was RMB3.2 billion, which included RMB1.1 billion in expenses related to our smart Electric Vehicle ("EV") business and other new initiatives," the company said.

If you want to take a look at the full report, click here.

Xiaomi q1 result
Xiaomi Q1 2023 Report

Xiaomi reached 600 million active users

"In March 2023, our global monthly active users ("MAU") of MIUI recorded another record high, reached 594.8 million, an increase of 12.4% year-over-year. As of March 31, 2023, the number of connected IoT devices (excluding smartphones, tablets and laptops) on our AIoT platform increased to 618.0 million, up 29.2% year-over-year," the company said in its report.

This means that between January and March 2023, Xiaomi had 594.8 million active monthly users; by the time the news was made, that number went up to 600 million.

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