Yesterday, we reported that Huami had released its third-quarter financial report which revealed big wins for the wearables manufacturer. Now, it is the turn of Xiaomi, and the Chinese tech giant’s report includes some gigantic figures.
According to an excerpt of the report posted on Weibo by Lei Jun, Xiaomi’s total revenue for the third quarter of 2020 was RMB 72.2 billion (~$10.9 billion), an increase of 34.5% year-over-year. Its adjusted net profit for the quarter was RMB 4.1 billion (~$622 million), an increase of 18% from Q3 2019. Both values exceeded their expectations for the quarter.
Xiaomi says its total smartphone shipments for the last quarter was 46.6 million units, a year-over-year growth of 45.3%. Xiaomi says this year, it has shipped more than 8 million premium smartphones (price tag of RMB 3000 (~$) and above in China and €300 and above overseas). The recorded revenue from the smartphone business was RMB 47.6 billion (~$), an increase of 47.5% year-over-year.
The increase in smartphone shipments propelled Xiaomi to the third spot, with a global market share of 13.5%, on the list of manufacturers with the highest number of shipments. Canalys, reports that Redmi, Xiaomi’s subsidiary accounted for three of the world’s top ten best-selling smartphones in the third quarter of the year.
Xiaomi also claims that its overseas market is growing rapidly as more than half of its total revenue came from markets outside China. In Western Europe, it recorded a 107.3% increase in smartphone shipments. IoT and lifestyle product revenue from overseas markets grew 56.2% year-over-year. A summary of the financial report says that Xiaomi is among the top 5 brands in 54 global smartphone markets.
Xiaomi says its MIUI Monthly Active Users (MAU) increased from 292 million in Q3 2019 to 368 million in Q3 2020. It also recorded significant growth in the AIoT segment. The report says there are now 289 million connected IoT devices on its platform and 5.6 million users have five or more devices connected to its AIoT platform, a 59.0% increase compared to the same quarter last year.
Xiaomi revealed it has continued to invest in R&D. Earlier this month, at its 2020 edition of its Mi Developer Conference, it announced Xiaomi Vela, an IoT platform that is built on the Nuttx open-source embedded operating system. The new platform is said to be aimed at enhancing the interconnectivity across all everyday scenarios to build out a thriving IoT ecosystem. It also announced XiaoAI AI Assistant 5.0, the latest version of the smart assistant that powers its smart products in China.
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