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Xiaomi’s quarterly revenue increases by 8.2% to $12.2 billion, while profit drop...

 2 years ago
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Xiaomi’s quarterly revenue increases by 8.2% to $12.2 billion, while profit drops by 84%

Xiaomi’s quarterly revenue increases by 8.2% to $12.2 billion, while profit drops by 84%

18 hours ago

The third quarter financial report of Xiaomi shows that the tech company’s quarterly revenue reaches 78.1 billion yuan ($12.23 billion), an increase of 8.2%. However, its quarterly profit comes to 788.6 million yuan ($123.5 million), a decrease of 83.8% compared to 4.86 billion yuan a year earlier.

Specifically, the smart phone sector's revenue reaches 47.8 billion yuan ($7.48 billion), an increase of 4.4% year-on-year.

It said that despite the global shortage of key components, the shipments of smart phone globally reach 43.9 million. It lost its previous position at second place, and slid to the third place, with a current market share of 13.5%. The performance is weighed by heated competitions from Honor, Oppo and Vivo.

The shipments of premium smart phones at or above 3000 yuan, or €300, reach 18 million units, accounting for more than 12% of the total shipments.

In the quarter ended in September, Xiaomi’s internet of thing products (IoT) also saw a surge. The devices connected to its artificial AloT platform, which stands for artificial intelligence of things (excluding smartphone, tablets, or laptop), exceed 400 million for the first time.

Impacted by global macroenvironment as well as market sentiment towards technology sector in China, its long-term investments have generated financial losses, with the listed investee companies generated total losses of 3.5 billion yuan, which have had a substantial impact on its net profit, the company said.

Xiaomi also reported a growing physical-store footprint, with the total number of retail stores in mainland China surpassing 10,000.

For smart vehicles sector, Xiaomi announced that its team has expanded to more than 500 employees. Its smart electric vehicles will be put into mass production in the first half of 2024.

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