Xiaomi announced its Q3 2023 earnings report, reporting total quarterly revenue of RMB 70.9 billion (USD 9.94 billion/EUR 9.12 billion), with a group gross profit margin of reached 22.7% and adjusted net profit reaching RMB6 billion ($841 million/€771 million). – an annual growth of 182.9%.
Additionally, Xiaomi said revenue from its IoT and lifestyle products rose to RMB 20.7 billion ($2.9 billion/€2.6 billion) with a profit margin of 17.8%, while smartphone revenue was RMB41.6 billion ($5.83 billion/€5.35 billion). with a gross profit margin of 16.6%.
Xiaomi financial report for the third quarter of 2023
Xiaomi also has an internet services business, whose revenue hit a quarterly high of RMB7.8 billion ($1.09 billion/€1 billion) with a gross profit margin of 74.4%. The Chinese brand earned RMB 2.3 billion ($323 million/€296 million) from overseas internet service revenue and RMB 5.4 billion ($759 million/€695 million) from advertising .
The brand also said its cash reserves reached a record high of RMB127.6 billion ($17 billion/€16 billion), while it spent RMB1.7 billion ($238 million/ 218 million euros) in intelligent electric vehicles and other new initiatives.
You can check out PDFs of the announcement here and here for more information.
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