Xiaomi posts record revenue figures as profit grows in Q3

Xiaomi shipped 32 million smartphones in the third quarter of this year

Xiaomi has confirmed revenue has hit a record high as the Chinese vendor announced its financials for the third quarter of 2019.

Revenue has reached £5.9 billion, a rise of 5.5 per cent year-on-year (YoY) for the period up until September 30.

Adjusted net profit for the quarter also grew by 20.3 per cent YoY with this figure hitting £380 million, as gross profit increased 25.2 per cent YoY to £900 million.

Xiaomi shipped 32.1 million units worldwide in the third quarter globally, the fourth highest vendor according to Canalys, despite a 7.8 per cent YoY decline in China for the vendor.

Xiaomi founder, chairman and CEO Lei Jun said: “The group has made continuous progress with the encouraging result of an expanded user base since the adoption of ‘smartphone and IoT’ dual-engine strategy.”

Speaking ahead of 2020, Lei Jun insists the vendor will continue to innovate in the 5G era.

“In anticipation of the upcoming era of 5G technology in 2020, the group will continue to stay alert to market trends and operate prudently.

“With the company’s healthy and stable cash flow and profitability, we are ready to capture and respond to the huge market opportunities that will arise from the widespread adoption of 5G technology, and plan to launch at least 10 models of 5G smartphone in 2020.”