Financial results: Xiaomi beats estimates with record quarterly revenue and net profit
Record performance across various business segments in Q3 2020 highlighting potential of “Smartphone x AIoT” strategy Smartphone
Hong Kong, 24 November 2020 — Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), an internet company with smartphone and smart hardware connected by an Internet of Things (“IoT”) platform at its core, today announced its unaudited consolidated results for the three months and nine months ended 30 September
Xiaomi’s stellar Q3 2020 performance sets 15 records:
Xiaomi Corporation said, The Group maintained its strong growth momentum in the third quarter of 2020 and posted record high quarterly revenue and net profit. During the quarter, we achieved sustained growth across various business segments and the Group continues to pursue its core ‘Smartphone x AIoT’ strategy.
Smartphone shipments ranked top 3 globally; maintained position in the premium smartphone market In Q3 2020, Xiaomi’s smartphone business grew significantly – both revenue and shipments achieved record high levels – and kept the momentum for growth in both mainland China and in overseas markets. revenue amounted to RMB47.6 billion in the quarter representing an increase of 47.5% YoY while smartphone shipments totaled 46.6 million units, an increase of markets.
ranked 3rd globally in terms of smartphone shipments with a market than 8 million units of smartphones globally with retail price points at or above RMB3,000 in mainland China and EUR300, or equivalent, in overseas
Continued leadership in smart living as “Smartphone × AIoT” strategy begins to bear fruit from IoT and lifestyle products segment amounted to RMB18.1 billion in Q3 2020, representing an increase of 16.1% YoY. Revenue from IoT and lifestyle products in overseas markets increased by 56.2% YoY, reaching a historical high. Revenue
Xiaomi continued its leadership in the mainland China smart TVs market and introduced a number of flagship products within the Mi TV Master Series in Q3 2020, further solidifying its position in the premium market. Global shipments of Xiaomi’s Smart TVs reached 3.1 million units. According to All View Cloud (“AVC”), Xiaomi ranked No.1 in mainland China for TV position globally.
Strengthened monetization capability of internet services
from internet services segment increased by 8.7% from Q3 2019 to RMB5.8 billion Overseas internet services revenue increased by 75.6% YoY to RMB0.7 billion, accounting for 12.0% of the total internet services revenue.
by the strong growth of smartphone shipments, MIUI MAU increased by 26.3% to 368.2 million in September 2020 while the mainland China MAU of MIUI reached 109.4 million.
Over half of total revenue from overseas markets for the first time In Q3 2020, Xiaomi’s revenue from overseas markets increased 52.1% YoY to RMB39.8 billion, accounting for 55.1% of total revenue, which marked record high quarterly overseas revenue and overseas revenue contribution to total revenue.
According to Canalys, Xiaomi’s smartphone shipments in Western Europe increased 107.3% YoY this quarter achieving a In particular, Xiaomi retained the top spot in Spain in smartphone shipments for the 3rd consecutive quarter with a 33.9% market share. Besides, Xiaomi also realized rapid growth in various other markets such as
R&D he investment continues to increase
During the Period, Xiaomi introduced revolutionary ultra-wideband (UWB) technology. With this technology, a user’s Xiaomi unveiled the 3rd Generation Under-screen Camera Technology and debuted 80W Mi Wireless Charging Technology.
Nov 24, 2020 at 15:40