Posted 8/30/2023, 1:01:23 AM

Xiaomi reports better-than-expected profit in smartphone market

Xiaomi reported better-than-expected profits in the smartphone market, with net income doubling to 3.67 billion yuan in the three months ended June, fueled by cost-cutting efforts and a focus on more expensive mobile devices.

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8/30/2023

Xiaomi phone shipments fell 15.8% in Q2 '23 as market slump continues

Xiaomi reported a decline in revenue and smartphone sales for Q2 2023, with overall revenue decreasing by 4% and smartphone shipments dropping by 15.8%, attributed to weakened global market demand; however, the company maintained its position as the third-largest global manufacturer and ranked second in Europe and the Middle East.