Xiaomi posted its financial report for Q1 2023, and the numbers look promising for the Chinese manufacturer that is about to join the EV game as well. The company had 594.8 million monthly active users between January and March 2023, and it managed to reach the 600 million milestone by the time the announcement was published.

The smartphone business reached CNY 35B (just under $5 billion) in revenue, shipping 30.4 million devices. The ASP was CNY 1,152 ($163), increasing 2.7% over the previous quarter.

Xiaomi ranked third in Q1 2023 with a market share of 11.3%, but the front-runners Apple and Samsung shipped almost twice the number of phones each between January and March.

At its home market, the company improved by 22.2% QoQ in terms of units sold, but vivo managed to surpass it, pushing Xiaomi fourth; Apple was first, and Oppo came second.

Xiaomi Q1 Results Xiaomi Q1 Results Xiaomi Q1 Results
Xiaomi Q1 results

The total revenue was CNY59.5B ($8.43B), and the adjusted net profit was CNY 3.2B ($450 million), but if we include expenses related to the smart EV business, the number was actually CNY 1.1B ($150 million).

Xiaomi Q1 Results Xiaomi Q1 Results
Xiaomi Q1 Results

Xiaomi is a company that also invests in AIoT - the number of connected devices increased to 618 million, with 12.3 million users having 5 or more such devices. Revenue from smart large home appliances, such as fridges, air conditioners, and washing machines, increased 60% YoY. 2.8 million TVs were shipped, bringing Xiaomi among the Top 5 companies for Smart TVs.

We also learned Xiaomi is planning to reduce greenhouse gas emissions by at least 70% by 2030 and 98% by 2040, setting a pathway for achieving net zero emissions.