Xiaomi posted revenue and profit growth in Q3, as it shrugged off shortages of key components to continue its smartphone momentum in overseas markets.
In an earnings statement, Xiaomi recorded total revenue of CNY78 billion ($12.2 billion), up 8.2 per cent year-on-year, with operations outside of home market China generating CNY41 billion.
It stated revenue growth was also fuelled by increases in higher price segments, with sales of devices priced €300 ($337.89) or above in overseas markets up by more than 180 per cent.
Net profit grew 25.4 per cent to CNY5.2 billion. Xiaomi stated the global macro-environment and market sentiment towards the technology sector in China had impacted the figure, while its long-term investments had also generated “unrealised financial losses”.
Xiaomi claimed it solidified its position across international markets despite a “global shortage of key components”.
It cited figures from market research company Canalys showing Xiaomi topped shipment tables in 11 countries and regions, and was among the top five in 59 countries and regions globally.
In total, Xiaomi’s smartphone shipments reached 43.9 million, ranking it third overall with a market share of 13.5 per cent, which it attributed to broader reach to users with new products.
Revenue at Xiaomi’s other major business unit, internet services grew 27.1 per cent to CNY7.3 billion, a new quarterly high.
Advertising revenue grew 44.7 per cent to CNY4.8 billion on an expanding user base and gaming rose 25 per cent to CNY1 billion.Subscribe to our daily newsletter Back