Xiaomi’s gross profit soared to a record high of 21.0 per cent for the three months ended June 30 across smartphones, IoT and lifestyle products, and internet services.
A net profit of £920 million was during this period followed cost-cutting of £1.12 billion., Xiaomi says it now has £12.39 billion in cash.
Xiaomi’s global smartphone market share increased by 1.6 per cent to 12.9 per cent over the same period in 2022 according to Canalys which reports Xiaomi smartphone shipments ranked in the top three across 51 countries and regions globally,Around 32.9 million handsets, were shipped. Smartphone revenue reached £4 billion, up 4.6 per cent.
In China, its MIX Fold 3 sold 2,24 times more than the previous model in the first five minutes after hitting the shelf and sold 2.25 times more,
The company is going all-out in developing AI products and applications It now employs more than 3,000 AI experts in AI research and development. in areas such as visual, audio, acoustics, and knowledge graphs, Xiaomi expects to have invested £11 billion in R&D during the five years between 2022 and 2026.