Beijing: smartphone maker Xiaomi Corporation Third-quarter net income on Monday reported a forecast-busting jump, while revenue also topped estimates as flat device shipments outperformed the broader market.
The company’s sales totaled 70.9 billion yuan ($9.83 billion) in the period, beating the average estimate of 70.2 billion yuan from 13 analysts surveyed by LSEG.
Net income rose 183% from a year earlier to 6 billion yuan, compared with a consensus estimate of 4.6 billion yuan, driven by lower component costs and efficiencies across the business.
Xiaomi’s president said, “Although we did not face many positive external factors, the achievements we were able to make reflect the improvement of our overall capabilities.” Lu Weibing said on an earnings call.
Xiaomi, China’s fifth-largest smartphone brand, shipped 9.1 million devices in China during the latest quarter, according to industry research firm Canalys.
Although there was little change from a year ago, Xiaomi outperformed its competitors, with overall industry sales falling 5% year over year, according to Canalys.
Demand in the world’s largest smartphone market has been in decline for a long time, with first the COVID-19 pandemic and then a weak economy causing customers to wait longer before upgrading their phones.
But there have been some signs of improvement for a long time, including sales of more than 1 million units of Xiaomi’s latest flagship smartphone in a week since its launch.
Xiaomi investors are also focusing on signs of progress in its new electric vehicle division.
Last week, a unit of Beijing-based automaker BAIC Group applied to regulators for approval to manufacture two electric vehicle models under the Xiaomi brand name, hinting that production could begin soon.
Xiaomi’s Lu reaffirmed its goal of mass producing vehicles in the first half of 2024 during an earnings call and hinted at continued investment in the vehicle business, with the number of car-related R&D personnel up to 3,000 by the end of September. Has reached.
The company’s sales totaled 70.9 billion yuan ($9.83 billion) in the period, beating the average estimate of 70.2 billion yuan from 13 analysts surveyed by LSEG.
Net income rose 183% from a year earlier to 6 billion yuan, compared with a consensus estimate of 4.6 billion yuan, driven by lower component costs and efficiencies across the business.
Xiaomi’s president said, “Although we did not face many positive external factors, the achievements we were able to make reflect the improvement of our overall capabilities.” Lu Weibing said on an earnings call.
Xiaomi, China’s fifth-largest smartphone brand, shipped 9.1 million devices in China during the latest quarter, according to industry research firm Canalys.
Although there was little change from a year ago, Xiaomi outperformed its competitors, with overall industry sales falling 5% year over year, according to Canalys.
Demand in the world’s largest smartphone market has been in decline for a long time, with first the COVID-19 pandemic and then a weak economy causing customers to wait longer before upgrading their phones.
But there have been some signs of improvement for a long time, including sales of more than 1 million units of Xiaomi’s latest flagship smartphone in a week since its launch.
Xiaomi investors are also focusing on signs of progress in its new electric vehicle division.
Last week, a unit of Beijing-based automaker BAIC Group applied to regulators for approval to manufacture two electric vehicle models under the Xiaomi brand name, hinting that production could begin soon.
Xiaomi’s Lu reaffirmed its goal of mass producing vehicles in the first half of 2024 during an earnings call and hinted at continued investment in the vehicle business, with the number of car-related R&D personnel up to 3,000 by the end of September. Has reached.