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HomeTechXiaomi Reports Q3 2023 Profit Growth of 183%

Xiaomi Reports Q3 2023 Profit Growth of 183%

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In its latest earnings release for the third quarter of 2023, Xiaomi disclosed a robust total quarterly revenue of $9.94 billion, showcasing a continued trajectory of success.

The company proudly noted a substantial gross profit margin of 22.7% and an impressive adjusted net profit of $841 million, indicating a remarkable year-over-year surge of 182.9%.

Expressing its operational focus, Xiaomi emphasized a strategy centered on “dual emphasis on scale and profitability” for 2023. Despite a challenging external environment, the company achieved consecutive quarter-over-quarter revenue growth, highlighting resilience and steady optimization of operational efficiency.

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The earnings report highlighted notable achievements across various segments. Xiaomi showcased a noteworthy upswing in revenue for its IoT and lifestyle products, reaching $2.9 billion with a commendable profit margin of 17.8%. Simultaneously, the smartphone segment exhibited strong performance, generating revenue of $5.83 billion and a gross profit margin of 16.6%.

Furthermore, Xiaomi shared its smartphone market share, illustrating significant growth in various regions. The company’s smartphone market share surged to 23.3% in Europe, 18.3% in Latin America, 10.7% in Africa (a 4.7 percentage point year-over-year increase), and 17.7% in the Middle East.

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The internet services business also flourished, achieving a milestone quarterly revenue of $1.09 billion, with an impressive gross profit margin of 74.4%. The income generated from overseas internet services ($323 million) and advertising ($759 million) was particularly noteworthy.

Xiaomi reported a record-high cash reserve of $17 billion in a display of financial strength. The company allocated $238 million toward initiatives focused on intelligent electric vehicles (EVs) and other innovative ventures, underscoring its commitment to diversification and forward-thinking strategies.


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