Xiaomi's net profit increased by 147%.

SGGPO 05/09/2023 16:57

Xiaomi Group has just announced its unaudited consolidated earnings results for the three months ending June 30, 2023, showing many positive results.

Xiaomi achieved good results in the second quarter of 2023.

Accordingly, Xiaomi achieved strong profitability and business growth, with many operational indicators reaching record highs. In the second quarter of 2023, total revenue reached $9.2 billion, a 13.2% increase compared to the previous quarter. Adjusted net profit reached $700 million, a 147% increase compared to the same period last year. This is the highest quarterly profit since the fourth quarter of 2021, far exceeding the market average.

These results stem from various service segments, including: Xiaomi's global smartphone market share increased by 1.6 percentage points to 12.9% quarter-on-quarter, with global smartphone shipments reaching 32.9 million units. In Q2 2023, the company's smartphone revenue reached $5 billion, a 4.6% increase compared to the previous quarter.

In the second quarter, revenue from major smart home appliances (including air conditioners, refrigerators, and washing machines) increased by more than 70% year-on-year. Among these, Xiaomi's air conditioner shipments increased by more than 90% year-on-year. Both the refrigerator and washing machine businesses performed better than the market average.

By announcing policies aimed at boosting market demand and promoting consumption, Xiaomi's revenue from IoT and lifestyle products reached $3 billion (22.3 billion RMB), a 12.3% increase year-on-year. The gross profit margin reached 17.6%, a 3.3 percentage point increase year-on-year, setting a new record high.

Xiaomi continues to enhance connectivity in a variety of user scenarios. As of June 30, 2023, the number of connected IoT devices (excluding smartphones, tablets, and laptops) on the company's AIoT platform reached 654.5 million, a 24.2% increase year-on-year…

Xiaomi continues to implement its key corporate strategies and relentlessly promotes the premiumization of its smartphones. The group's gross profit margin reached a record high of 21%, marking an improvement in gross profit margins across all three business segments: smartphones, IoT, lifestyle products, and internet services. Xiaomi also continues to reduce costs, improve efficiency, and further optimize inventory management measures, strengthening the group's long-term and sustainable development.

Source: https://www.sggp.org.vn/loi-nhuan-rong-cua-xiaomi-tang-147-post704406.html