Xiaomi Reports 183% Profit Growth in Q3 2023

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Xiaomi has unveiled its earnings report for Q3 2023, disclosing a total quarterly revenue of $9.94 billion.

The group’s gross profit margin reached 22.7%, and the adjusted net profit amounted to $841 million, marking an impressive year-over-year growth of 182.9%.

The company wrote in its financial report:

In the third quarter of 2023, we continued to execute our 2023 key operating strategy of “dual emphasis on scale and profitability”. We steadily developed each of our business segments while consistently optimized our operating efficiency. While the overall external environment showed few signs of improvement, we achieved year-over-year growth in quarterly revenue for the first time after six quarters and sustained solid profitability.

Furthermore, Xiaomi reported a significant upswing in revenue for its IoT and lifestyle products, reaching $2.9 billion with a profit margin of 17.8%. In the smartphone segment, revenue amounted to $5.83 billion with a gross profit margin of 16.6%.

Xiaomi also detailed its smartphone market share for the third quarter in its financial report:

Our smartphone market share in Europe rose to 23.3% and our smartphone market share in Latin America rose to 18.3%. In the meantime, our smartphone market share in Africa reached 10.7%, an increase of 4.7 percentage points year-over-year. Our smartphone market share in the Middle East also rose to 17.7%.

Xiaomi’s internet services business achieved a quarterly revenue peak, reaching $1.09 billion, boasting an impressive gross profit margin of 74.4%. Notably, the Chinese brand generated $323 million from overseas internet services revenue and $759 million from advertising.


Additionally, Xiaomi reported a record-high cash reserve of $17 billion, while allocating $238 million towards smart electric vehicles (EVs) and other innovative initiatives.

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