Xiaomi today released the Q3 2023 financial results with total revenue reaching RMB 70.9 billion, the first year-on-year growth in a single quarter after six quarters.
Its adjusted net profit reached RMB 6 billion, a year-on-year increase of 182.9%. The group’s gross profit market reached a record high of 22.7%.
The global smartphone sales of Xiaomi have returned to growth with its market share increasing to 14.1%. The phone maker is the only one on the list to achieve positive growth in the tally.
The high-end potential continues to grow in Xiaomi as the recent release of Xiaomi 14 series devices brought an improvement in sales for the smartphones division. During the Double 11 sales period, Xiaomi many of the devices with record revenue.
In the area of research and development, Xiaomi is expanding its reach with RMB 5 billion investment, a year-on-year increase of 22%, and also increased the R&D facility personnel.
Aside from smartphones, tablets, and laptops, the number of connected IoT devices on Xiaomi’s AIoT platform now accounts for 699 million. This is a year-on-year increase of 25.2%, which helped the company to lay a solid foundation for HyperOS to expand its reach in an overwhelming number of smart devices.
Meanwhile, the Q3 2023 financial results show recognizable sales of Xiaomi smart TVs, TWS headsets and tablets.