Xiaomi posted revenue and profit growth in the third quarter, as it ignored key component shortages to continue its smartphone momentum in overseas markets.
In a earnings report, Xiaomi reported total revenue of CNY 78 billion ($ 12.2 billion), up 8.2 percent year-on-year, with operations in outside the Chinese domestic market generating CNY 41 billion.
He said revenue growth was also fueled by increases in higher price segments, with sales of devices priced at â¬ 300 ($ 337.89) or more in overseas markets rising by more than 180%.
Net profit rose 25.4% to CNY 5.2 billion. Xiaomi said the global macro environment and market sentiment towards the tech sector in China impacted the figure, while its long-term investments also generated “unrealized financial losses.”
Xiaomi claimed to have consolidated its position in international markets despite a “global shortage of key components”.
He cited figures from market research firm Canalys showing Xiaomi topped the shipping charts in 11 countries and regions, and topped the top five in 59 countries and regions around the world.
In total, Xiaomi’s smartphone shipments reached 43.9 million, ranking third with a 13.5% market share, attributed to a wider reach of users with new products.
Revenue for Xiaomi’s other major business unit, internet services, rose 27.1 percent to CNY 7.3 billion, a new quarterly high.
Advertising revenue grew 44.7% to CNY 4.8 billion on a growing user base and games increased 25% to CNY 1 billion.
Subscribe to our daily newsletter Back