Xiaomi is in trouble – Q2 net profit plummets by 83%

Xiaomi has felt the effects of the war in Ukraine, inflation and fear of recession.

What is known

The crisis in the smartphone market nullified growthChinese company Xiaomi. In the second quarter of 2022, the manufacturer's net income was $204 million, falling year-on-year by a crazy 83%. Revenue also declined, but not so dramatically - to $10.3 billion (-20%).

Xiaomi is losing ground not only globallymarket, but also in China. The company is inferior to competitors Honor and vivo. According to the results of the second quarter of 2022, shipments of smartphones in the Chinese market fell by 22% compared to the same period in 2021, while the entire market sank by 14.7%.

In India, things are also not going well for Xiaomi.The country's government has decided to ban the sale of Chinese smartphones priced under $150. True, this has not yet had a negative impact on the financial performance of the manufacturer.

Source: Bloomberg

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