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Xiaomi announces record Q3 profit of £7.9 billion

Staff Reporter
November 22, 2023

Xiaomi’s third quarter profit up 182.9 per cent hit a two-year peak.  Eurpoean smartphone market share now 23.3 per cent.

Total Q3 revenue soared to £7.9 billion. Adjusted net profit reached £600 million, up 182.9% YoY. The Group’s adjusted net profit for the first three quarters was 1.7 times that of last year’s total, beating market estimates.

.In the third quarter of 2023, Xiaomi’s R&D expenses reached £5 billion, up 22 per cent over the year before; R&D personnel is more than 53 per cent of the total workforce.

The Group upgraded its strategy from “Smartphone x AIoT” to the “Human x Car x Home” and unveiled its brand new operating system Xiaomi HyperOS, integrating all consumers’ needs in one smart ecosystem from personal devices, smart home products, to smart mobility.

Xiaomi Hyper OS:”:integrating all consumers’ needs in one smart ecosystem”

Gross profit margin reached 22.7 per cent in the third quarter, marking an increase for four consecutive quarters. Cash resource reached £42.6 billion.

Full details HERE



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