Connect with us

Hi, what are you looking for?


Xiaomi Q3 net income jumps on cost savings, revenue rises

People walk past Xiaomi, a Chinese manufacturer of consumer electronics, store in Mumbai, India, May 11, 2022. REUTERS/Francis Mascarenhas/File Photo

The manufacturer of smartphones, Xiaomi Corp. (1810. HK), reported a third-quarter net income increase that exceeded forecasts on Monday. Revenue exceeded projections due to flat device shipments, which outpaced the overall market.

The company topped an average forecast of 70.2 billion yuan from 13 experts surveyed by LSEG, with sales for the period totaling 70.9 billion yuan ($9.83 billion).

Thanks to reduced component prices and increased company efficiencies, net income increased by 183% yearly to 6 billion yuan from a consensus forecast of 4.6 billion yuan.

“The accomplishments we were able to make show an improvement in our overall capabilities, even though we did not encounter many positive external factors,” Xiaomi President Lu Weibing stated during a teleconference for earnings.

According to industry research firm Canalys, Xiaomi, the country’s fifth-largest smartphone brand, shipped 9.1 million units in China in the most recent quarter.

Xiaomi surpassed its peers even though there was no change from a year ago, with industry sales declining 5% annually, according to Canalys.

Demand has been steadily declining in the largest smartphone market globally as consumers have been waiting longer to upgrade their phones due to the COVID-19 outbreak and a sluggish economy.

However, some encouraging indicators have been seen, such as Xiaomi selling over a million of its most recent flagship smartphones in the first week after their release.

Investors in Xiaomi are also watching for indications of development in its recently established electric vehicle sector.

In a hint that manufacturing may soon begin, a Beijing-based manufacturer, BAIC Group, applied to regulators last week to obtain permission to produce two models of electric vehicles under the Xiaomi brand.

During the earnings call, Lu from Xiaomi reiterated the company’s objective of producing cars on a large scale in the first half of 2024. He also indicated that the company will continue to invest in the vehicle sector, with 3,000 people working on car-related R&D by the end of September.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.

You May Also Like


More than 40 measure are included in Ofcom’s plan to protect youngsters from content that offers with eating problems, self-damage, suicide, and pornography. Concerns...


Overview Changing the decor in your property shouldn’t be a hard or high-priced challenge. Simple do-it-yourself initiatives can revitalize your residing place with a...


Presenting the Samsung 65” Class OLED S95C TV—the height of current fashion and stunning visual readability. With a mean rating of 4.1 stars based...


Tesla’s $500 Million Investment in Expanding Supercharger Network Elon Musk, the CEO of Tesla (TSLA.O), these days declared that the employer can be making...


The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.