Xiaomi revenue exceeds $9 billion in Q3, report reveals

Xiaomi has announced its Q3 2023 earnings report, posting total quarterly revenue of RMB70.9 billion ($9.94 billion/€9.12 billion), with group gross profit margin reaching 22.7% and adjusted net profit reaching RMB6 billion ($841 million/€771 million) - a YoY growth of 182.9%.

Additionally, Xiaomi said its IoT and lifestyle products' revenue soared to RMB20.7 billion ($2.9 billion/€2.6 billion) with a profit margin of 17.8%, while the smartphone revenue was RMB41.6 billion ($5.83 billion/€5.35 billion) with a gross profit margin of 16.6%.

Xiaomi also has an internet services business, whose revenue reached a quarterly high of RMB7.8 billion ($1.09 billion/€1 billion) with a gross profit margin of 74.4%. The Chinese brand made RMB2.3 billion ($323 million/€296 million) from its overseas internet services revenue and RMB5.4 billion ($759 million/€695 million) from advertising.

The brand also said that its cash reserve reached a record high of RMB127.6 billion ($17 billion/€16 billion) while it spent RMB1.7 billion ($238 million/€218 million) on smart EVs and other new initiatives.

You can check the announcement's PDFs here and here for more information.