Transsion released its 2022 financial report: profit shrunk 36% in 2022 due to w...

Transsion released its 2022 financial report: profit shrunk 36% in 2022 due to weak demand

Transsion released its 2022 financial report: profit shrunk 36% in 2022 due to weak demand

7 hours ago

Chinese primary phone vendor Transsion saw a 36.46% yearly drop in net profit last year, according to its financial results (in Chinese) posted on Wednesday.

Transsion's revenue had a minor 5.70% decrease to 46.6 billion RMB ($6.73 billion) in 2022. Net profit was 2.48 billion RMB in the same period. 

The firm attributed such drops to weak demand resulting from a less positive global macroeconomic environment and expense increases in research, development, and marketing.

By regional markets, Transsion had a 14.88% yearly decrease in revenue, to 20.63 billion RMB in 2022. However, revenue from other markets had a 4.10% increase compared to 2021, generating 25.29 billion RMB.

The report also noted that Transsion kept working with major Chinese tech firms, developing apps and platforms like Boomplay, which has exceeded 6,800 monthly active users (MAUs) by the end of 2022. While News feed app Scooper and content distribution app Phoenix hit 55 million and 120 million MAUs.

Owning brands like Tecno, itel, and Infinix, the firm accounted for 6.0% of the global smartphone market but topped the African market with over 40% shares in 2022 as Transsion cited IDC's data in its financial report.

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