Xiaomi announced its financial results for the third quarter of 2024. The company exceeded expectations with revenue reaching RMB 92.5 billion, an increase of 30.5% compared to the previous year. Xiaomi’s adjusted net profit stood at RMB 6.3 billion, while its gross profit margin remained at 20.4%. This performance is supported by the company’s smartphone premiumization strategy and investments in the Internet of Things (IoT).
Xiaomi sold 43.1 million smartphones in the 3rd quarter of 2024, an increase of 3.1% compared to the previous year. According to Canalys, the company ranked among the top three brands in the global smartphone market for the 17th consecutive quarter with a market share of 13.8%. Increasing its market share in China to 14.7%, Xiaomi rose to 4th place in the rankings.
Taking important steps especially in the premium segment, Xiaomi increased the share of its devices over 3,000 RMB in total sales in China to 20.1%, recording an annual increase of 7.9 points. The new Xiaomi 15 Series reached 1 million unit sales faster than the previous generation and became the sales leader in the 4,000-5,999 RMB price segment during the 11.11 shopping festival.
In IoT and lifestyle products, revenues reached RMB 26.1 billion, an increase of 26.3% compared to the previous year. Gross profit margin broke a record, rising to 20.8%. Xiaomi’s washing machine and air conditioner sales grew by over 50%, while refrigerator sales increased by 20%, reaching 810,000 units.
While this strong performance reinforced Xiaomi’s leadership in the smart home ecosystem, over 50% growth was achieved in wearable device sales. The company maintained its 5th place in the world and 3rd place in China in global tablet sales.
Smart electric vehicles are approaching a milestone
Xiaomi’s electric vehicle business generated revenue of RMB 9.7 billion in Q3 2024, approaching the RMB 10 billion target. The company delivered 39,790 Xiaomi SU7 vehicles during this period and completed the delivery of 100,000 vehicles in total. Xiaomi SU7 Ultra model attracted attention by breaking the world record at the Nürburgring.
Xiaomi increased its research and development (R&D) spending by 19.9% to RMB 6 billion in Q3 2024. The company continues to expand its patent portfolio by investing in future technologies such as artificial intelligence and smart driving technologies. As a result of these investments, Xiaomi’s new HyperOS 2 operating system aims to revolutionize smart connection between devices.
Xiaomi continues to increase its influence in the global market with its strong financial performance in 2024. The company’s growth in different areas such as smartphones, IoT and electric vehicles is being watched carefully in the technology world. Xiaomi’s investments in innovation and premium products seem to ensure its strong performance in the coming periods.