Xiaomi sold 30.4 million smartphones in Q1 2023, CNY 59.6 billion revenue

Xiaomi recently shared its Q1 2023 overall performance.

Xiaomi 13 Pro rear Leica cameras

Strong performance across all categories

During the first quarter of the year, the company's revenue was CNY or RMB 59.5 billion (around PHP 470 billion) with an Adjusted Net Profit of CNY 3.2 billion (around PHP 25.3 billion) or up by 13.1 percent YoY (year over year).

Q1 2023 overall performance of Xiaomi

In the global smartphone ranking, the company is currently at number 3 with 11.3 percent of the pie. During the quarter, the company shipped 30.4 million units with a total revenue of CNY 35.0 billion (around PHP 276.8 billion) and a gross profit margin of 11.2 percent.

Xiaomi is also ranked number 1 in the premium smartphone market among Android brands in China. The company boasts four consecutive premium product series "well-received" among users. These include the Xiaomi 12S Ultra, MIX Fold 2, 13 Series, and the new 13 Ultra.

Apart from smartphones, Xiaomi recorded strong numbers in the IoT and lifestyle products category. In Q1 2023, its revenue reached CNY 16.8 billion (around PHP 132.9 billion) with a gross profit record of 15.7 percent.

The company also had solid growth in the Smart Large Home Appliances category with a revenue growth of 60 percent YoY in Q1 2023.

For Smart TVs, the brand is currently in the top 5 with 2.8 million units shipped in Q1 2023.

For wearables and TWS, Xiaomi is number 2 in China.

The overall number of MIUI active users in the last 30 days is 600 million, the largest in the company's history.

Xiaomi's R&D numbers

For R&D, the company reached 4.1 billion (around PHP 32 billion) in expenses.

To read Xiaomi's full report, click the source link below.

Source: Xiaomi