Device maker Xiaomi posted record revenue and profit figures in the third quarter, as all its business segments experienced growth and smartphone shipments jumped.
In a statement, the company said Q3 revenue rose 17.4 per cent year-on-year to CNY72.2 billion ($10.9 billion), with profit of CNY4.9 billion up on CNY2.5 billion in Q3 2019.
Its smartphone unit contributed the majority of the revenue, increasing 45 per cent to CNY47.6 billion.
Revenue from IoT and lifestyle products rose 25 per cent to CNY18.1 billion; internet services grew 8 per cent to CNY5.8 billion; and its other segment was up 1 per cent to CNY667.8 million.
Xiaomi was expected to report strong figures: research company Canalys last month stated the vendor had ousted Apple from the top three smartphone manufacturers by global shipments in Q3, as it took a large share of Huawei’s business in Europe.
In its earnings statement, Xiaomi said smartphone shipments totalled 46.6 million, a 45 per cent increase. It put the growth down to expansion of its business in mainland China, achieving growth in both volume and average selling price, and gaining momentum in the premium tier.
Citing Canalys figures, the company also said its smartphone shipments in Western Europe increased 107.3 per cent, giving it a market share of 13.3 per cent,. It highlighted growth in Spain, France, Italy and Germany.Subscribe to our daily newsletter Back