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Xiaomi still records robust performance despite weak global demand (Q2 2023)

China's Xiaomi continues to post strong figures despite weak smartphone sales in the global market.
Xiaomi Redmi Note 12 Series officially arrives in PH, price starts at PHP 8,999!
File photo: All three models of the Redmi Note 12 Series

Xiaomi—one of the global smartphone leaders

For the second quarter alone, revenues from its smartphone business hit CNY 36.6 billion "RMB" (around PHP 283.5 billion), higher by 4.6 percent quarter-on-quarter.

Data from Canalys showed that Xiaomi's market share remains competitive at 12.9 percent. Its smartphone shipments also reached 32.9 million units in the second quarter, allowing it to secure the top three across 51 countries.

Proving its continuous strong overseas presence, Xiaomi grabbed the second spot in Europe and Middle East markets.

Xiaomi attributed this performance to its massive investment in advanced technologies for the premium segment of its smartphone business. Just last month, Xiaomi unveiled the Xiaomi MIX Fold 3 in mainland China. In the first five minutes after hitting the shelf, the sale of Xiaomi MIX Fold 3 reached 2.25 times its last generation, setting a new record for the Group’s foldable smartphones.

Aside from smartphones, Xiaomi has also been enjoying strong demand for its smart appliances, with revenues soaring by over 70 percent.

To maintain this momentum, the company has been boosting its interconnectivity portfolio. It ended the first semester with 654.5 million IoT devices, excluding smartphones, tablets, and laptops.

In the second quarter, its investment in research and development amounted to CNY 4.6 billion (around PHP 36.5 billion), up 21 percent year-on-year.

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