Xiaomi has officially released its financial report for the third quarter of the year. The report shows that the revenue from Xiaomi’s IoT and consumer products segment increased by 16.1% from 15.6 billion yuan recorded in the third quarter of 2019 to 18.1 billion yuan recorded in Q3 2020. The growth in revenue is mainly due to the growth in demand for IoT product category ranging from robot vacuum, smart TVs to electric scooters.
Xiaomi’s revenue from smart TVs and notebook computers rose from 5.8 billion yuan in the third quarter of 2019 to 5.9 billion yuan in the third quarter of 2020. This represents a YoY growth of 2.6%. Specifically, the report shows that Xiaomi shipped 3.1 million units of Mi TVs in the third quarter, the highest by any brand. Again, this places the brand at the top of the smart TV shipment ranking for the Chinese market, a feat it has achieved for seven consecutive quarters
Shipping estimates published by market research firm Avi Cloud (AVC) shows that apart from ranking first for seven straight quarters in China, Xiaomi’s smart TV shipments will continue to rank among the top five globally.
The growth recorded by the Chinese tech giant in the sector is driven by a consistent outflow of quality products and that continued in the third quarter of 2020. During this period, the tech giant released a host of IoT and consumer products which may have helped shore up the revenue. Xiaomi launched the 34-inch Mi Curved Display, MIJIA Internet Direct Drive Washing and Drying Machine 10kg, MIJIA Smart Steam Oven, Mi True Wireless Bluetooth headset Air 2 Pro and other products. Despite always sticking to the minimalist design pattern, the products are often of topnotch quality while retaining the affordable pricing which Xiaomi is reputed for. (via)
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