Samsung Outperforms Xiaomi in Indian High-End Smartphone Market with Record Q4 Revenue

Chinese smartphone maker Xiaomi reported a record drop in Q4 2022 revenue, as China’s COVID-19 restrictions disrupted consumption. Although there are early signs of recovery, Xiaomi’s group president, Lu Weibing, warned that it will take time. The company’s sales reached CNY 66.05bn ($10.2bn), down 22.8% YoY, while net income fell 67.3% YoY to CNY 1.46bn. All major smartphone brands experienced a sales slump in China in Q4, with Xiaomi the worst hit, according to Canalys, which revealed that Xiaomi’s shipments dropped 37%.