Xiaomi’s Q3 financial report reveals 10% drop in revenue

Xiaomi posted its quarterly financial analysis, and the numbers show significant decline. Revenue for the July-September 2022 period was CNY70.5 billion, just south of $10 billion. Of them, 50.5% came from overseas markets.

The revenue is 10% lower compared to last year. Net profit dropped even more – 59% year-on-year to RMB 2.1 billion. However that was partially doan to the RMB 829 million investment in the newly setup EV business and other projects that should bear fruit in the future.

The company also revealed investments in R&D increased by 25%, compared with one year ago, and 48%…