On March 25, smart device maker Xiaomi released its financial report for the fourth quarter and for the full year of 2022. The company saw its income in 2022 total RMB 280 billion ($40.68 billion), a 14.7% decrease year-on-year, according to the data. The report showed falling net revenue too, with a decline of 61.4% year-on-year bringing 2022’s total to RMB 8.5 billion ($1.23 billion). Chinese media outlet Zaker suggested Xiaomi’s changing of its phone strategy, investment in smart car development, and poor Artificial Intelligence of Things (AIoT) performance were responsible for the results. Xiaomi’s push into high-end phones weakened its output of lower-end smart devices, its RMB 3.1 billion investment in electric vehicles is yet to bring any substantial income, and its new AIoT business has yet to turn a profit. [Zaker, in Chinese]