The Xiaomi financial report for the third quarter shows how it performs and whether it reaches its goals. We have highlighted a few points.
The Xiaomi financial report for the third quarter showed its revenue was RMB 70.5 billion ($9.84 billion), a year-on-year decrease of 9.7%. At the same time, it had an adjusted net profit of RMB 2.1 billion ($290 million), a year-on-year decline of 59.1%.
The Chinese firm could reach a global smartphone revenue of 42.5 billion yuan ($5.93 billion) by shipping 40.2 million units, an increase of 2.8% from the previous quarter. Its smartphone business had growth in 2 consecutive quarters.
The Xiaomi financial report for the third quarter shows that the MIUI monthly active users reached a record high. In September 2022, the number of monthly active users of MIUI worldwide reached 564 million, a year-on-year increase of 78.1 million. Thus, MIUI users have been growing for eight consecutive quarters.
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The smartphone ASP in China increased by about 9% year-on-year. The shipment of smartphones above RMB 3,000 ($419) achieved a year-on-year growth of about 14%. Of course, the high-end market cannot grow without the help of in-house-made tech. That’s why they are investing in R&D.
R&D expenses reached RMB 4.1 billion ($570 million), a year-on-year increase of 25.7%. As of September 30, 2022, R&D personnel accounted for around 48% of the total number of employees.
Canalys reported that in the third quarter of 2022, Xiaomi would rank among the top three smartphone vendors. The market share of the Chinese Apple should be 13.6%. It shipped smartphones to 52 countries and regions around the world. Xiaomi is in the top 5 in 64 countries and regions worldwide.
Other Highlights of Xiaomi Financial Report
The Xiaomi financial report also showed that the number of connected devices on the Xiaomi AIoT platform reached 558 million units, a year-on-year increase of 39.5%. The number of users with more than 5 smart devices reached 10.9 million, a year-on-year increase of 35.4%.
Its major home appliances have achieved huge growth. In effect, the revenue of smart home appliances has increased by more than 70% year-on-year. For instance, the firm shipped over 1 million air conditioners. This is a year-on-year increase of more than 70%. Xiaomi also shipped more than 340,000 fridges, a year-on-year increase of more than 150%.