Sina Technology reported that Xiaomi Group announced its first quarter financial report for the first quarter of this year (2022) yesterday (19) to a total revenue of 73.4 billion yuan, an annual decrease of 4.6%; under non-general accounting standards (Non-GAAP), net profit of 2.9 billion yuan, an annual decrease of 52.9%.
Xiaomi first quarter smartphone business revenue was 45.8 billion yuan, a year-on-year decrease of 11.1%; shipments in the global smartphone market were 38.5 million units, a year-on-year decrease of 22.1%; Internet service revenue was 7.1 billion yuan, a year-on-year increase of 8.2%; Internet services revenue was 19.48 billion yuan, a year-on-year increase of 6.8%, and Xiaomi's IoT and consumer products business gross profit margin reached 15.6%, setting a record high in a single quarter; overseas market revenue in the first quarter was 37.5 billion yuan, a year-on-year decrease of 51.1% of the total revenue; R&D investment was 3.5 billion yuan, an year-on-year increase of 16.7%.
Xiaomi Group Partner and President Wang Xiang said that in the first quarter, due to factors such as the continued shortage of core components, repeated COVID-19 epidemic and the global macroeconomic environment, the revenue of smartphone business declined, but Xiaomi's high-end smartphone strategy is still steadily advancing, with the average selling price (ASP) of smartphones in the first quarter reaching 1,189 yuan, an increase of 14.1% year-on-year. However, the gross profit margin of smartphones fell to 9.9% (12.9% in the same period last year), mainly due to promotions for some smartphone models.
In addition, regarding the litigation issues facing Xiaomi in India, Wang Xiang said that all Xiaomi’s taxes and expenditures in India are carried out in accordance with the laws of its country and have been strictly reviewed by third-party authoritative agencies; at present, Xiaomi India has actively appealed through legal channels, and the Indian High Court has also lifted the freezing of part of Xiaomi’s funds and is communicating frankly with the Indian authorities, hoping to reach a consensus with the Indian side.
In addition, in terms of Xiaomi Auto progress, Wang Xiang said that Xiaomi Auto does not have much progress to be announced at present. Xiaomi is continuing to invest resources in core technology research and development, and it still remains the original delivery plan unchanged and is doing its best to proceed as planned. Before this, Xiaomi said that Xiaomi Auto is expected to be officially mass-produced in the first half of 2024.
Source of information: MoneyDJ
Cover image source: Paixin.com
