Η Xiaomi revealed her its financial report for first quarter of 2022, with revenues and sales declining dramatically, mainly due to the pandemic and other factors as she points out
Η Xiaomi reveals that he had revenue amounting to RMB 2,9 billion this year, which are reduced by 52,9% compared to the same period last year.
In the teleconference made by the president of the Xiaomi Group, Mr. Wang Xiang, regarding the company's profits, said that the pandemic has significantly affected the company, in terms of lack of chips, but has also drastically affected the production, sales, logistics and sales of local stores. Along with all this, the costs and expenses of the company have increased significantly, as during the pandemic Xiaomi helped its employees significantly, as a result of which this led to an increase in costs.
Ο Wang Xiang claims he is still unsure of how it will end 2st quarter of 2022, but Xiaomi remain optimistic about the results that will follow in the coming months. The lack of chips is slowly improving and this is expected to have a positive effect on Xiaomi, especially on mid-range chips.
At the same time, Xiaomi's investments in research and development (R&D) has increased, and the Lin Shiwei, Xiaomi's CFO, claims that the Chinese technology group spent a total of 3,5 billion in research and development in the first quarter of 2022.
Xiaomi is slowly increasing the money it spends each year on research and development, which is expected to lead to better devices and services, whether it is software or hardware.
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