Xiaomi is experiencing financial difficulties. According to Reuters, the Chinese giant’s sales in the fourth quarter fell 22.8%. During the reporting period, the company earned approximately $9.6 billion, which is 22.8% less than the previous year. The drop was blamed on the drop in demand in the market as a whole, which indeed was, but all in all, this is the fourth quarter of Xiaomi’s consecutively falling sales.

Net profit was $212 million, down 67.3% in the last quarter. The company states that it will take time to achieve a significant improvement in sales and profit, and the declines may continue in the first half of 2023.

Let us remind you that Xiaomi has begun to actively increase the prices of its smartphones in Europe. The top Xiaomi 13 Pro is estimated at 1,300 euros, as the Xiaomi 13 Ultra still looks ahead. It was also learned the other day that the Redmi Note 12 Pro+, which cost only $290 in China, will cost buyers an unheard of 500 euros in Europe.