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Chinese technology company Xiaomi reported an adjusted net profit of 6.5 billion yuan ($897.6 million) for the first quarter of 2024. The company announced its unaudited consolidated financial
Chinese technology company Xiaomi reported an adjusted net profit of 6.5 billion yuan ($897.6 million) for the first quarter of 2024. The company announced its unaudited consolidated financial results for January-March 2024; It has recorded double-digit annual growth for the second consecutive year. quarters
Xiaomi mainly focuses on consumer electronics and smart manufacturing, and smartphones and hardware are combined on the core IoT platform. Xiaomi Group’s total revenue increased by 27% year on year to 75.5 billion yuan ($10.42 billion). Adjusted net profit rose 100.8% to 6.5 billion yuan ($897.6 million). The report also stated that Xiaomi spent approximately 2.3 billion yuan ($317.6 million) to develop the brand’s smart electric car.
Xiaomi’s gross profit margin reached 22.3%, an increase of 2.8% compared to last year. Xiaomi’s impressive financial performance in the first quarter of 2024 is driven by the profitability of its core business. The results show that Xiaomi’s premiumization strategy is paying off with increased smartphone ASPs. During this period, global shipments of Xiaomi smartphones increased by 33.7% compared to the same period last year (40.6 million units). Smartphone revenue reached 46.5 billion yuan ($6.42 billion), marking its fourth consecutive quarter of growth. Xiaomi also maintained its place in the top three as the world’s leading smartphone brand.
Xiaomi’s Internet of Things (IoT) business profitability was very impressive and reached record levels. Major smart home appliances showed significant growth in the period ending March 31, 2024. Revenue from IoT and lifestyle products rose 21% year on year to 20.4 billion yuan ($2.82 billion). Additionally, the steady growth of Internet services continues to drive the brand’s global expansion plans. Xiaomi is also seeing an improvement in its EV business strategy as it plans to increase production to 100,000 units per year.
Overall, Xiaomi’s outlook remains quite promising. The same impressive performance is expected to be experienced in the next quarter of 2024.
Source: Port Altele
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