Xiaomi witnessed 0.6% revenue increase in Q3, 2023

Xiaomi in its Q3 2023 financial report posted a return to growth in the quarter. It’s the first revenue gain for the company in almost two years. Its total revenue reached RMB 70.9 billion for the third quarter of 2023 and its adjusted net profit was RMB 6.0 billion which is nearly tripled. With this company saw 0.6 percent year-on-year growth and its gross profit was up to 37.4 percent to CNY 16.11 billion.

The company has managed to achieve 14.1% market share, up 0.5 percentage points year over year. In this quarter its global shipments ranked third globally making it the only brand among the top three that has achieved year-over-year growth shipments consecutively.

As per the company, its global monthly active users of MIUI have reached a record high with 623.1 million in September 2023. It has also seen a surge in connected IoT devices on Xiaomi’s AIoT platform, up 25.2% year over year. To become the leader in the realm of cutting technologies, Xiaomi spent RMB 5.0 billion in R&D, up 22.0% year over year. The company aims to increase the R&D investment in upcoming years.

Source Xiaomi

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