In the third quarter of 2023, Xiaomi’s revenues almost surpassed US$10 billion
In the third quarter of 2023, Xiaomi managed to earn over US$9 billion in revenue. Almost half of the profits were contributed by the company’s smartphone division. On the other hand, the internet services, smart home products, and advertising business of the company have substantially contributed to the increased revenue.
By many accounts, the global personal electronics market has not yet recovered. In between these, there is less talk about Xiaomi’s newest sales predictions, which currently stand at 70.9 billion yuan (or around US$9.9 billion). With a net profit of 5.99 billion yuan (~US$840 million), the OEM reported an 189.2% increase over the third quarter of 2022 (3Q2022).
The third quarter of the current fiscal year ended in September 2023. From this perspective, the Xiaomi 13T series was also part of the last quarter. Along with Redmi, Xiaomi maintained its “dual brand” strategy, which proved successful in the third quarter of this year with the K60 Ultra and the fantastic mid-range Note 13 and Note 13 Pro lines.
With this approach, the company’s smartphone division was able to generate 41.6 billion yuan (~US$5.8 billion, or ~59%). In addition to this, 20.7 billion yuan (~US$2.9 billion, or ~29%) of the revenue was contributed by Xiaomi’s IoT and lifestyle technology solutions. Products like Home Screen Pro 8 and the Redmi Smart TV A50 2024 contributed to the recent growth.
For the last and final quarter of the current fiscal year, the company is targeting AI empowerment. The company has debuted the new HyperOS platform alongside the new flagship Xiaomi 14 series, which will be powered by the new Snapdragon 8 Gen 3 chipset.
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