Xiaomi announces record Q3 profit of £7.9 billion

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.

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