Chinese tech giant Xiaomi had announced in November 2020 that its smart TV brand was leading the Chinese TV market for seven straight quarters as of Q3 2020. One year after, the company still continues its dominance, extending it to 11 consecutive quarters in Q3 2021. This was made known by the company when it announced its financial report for the third quarter of the current year.
The financial report shows the company maintained a solid performance despite the chip shortage and other challenges that could have hampered its sales performance. The report also reveals that Xiaomi raked in total revenue of 78.1 billion yuan. This represents an 8.2% Year-on-Year growth. The Chinese giant also posted an adjusted net profit of 5.176 billion yuan, representing a year-on-year increase of 25.4%.
In the first three quarters, Xiaomi disclosed that its accumulated R&D expenditure was RMB9.3 billion, an increase of 51.4%. Xiaomi also hinted that it has got over 14,000 employees under its R&D section. This is said to account for 44% of its entire workforce.
Apart from maintaining its dominance in the smart TV segment, leading the market for 11 consecutive quarters. Xiaomi is said to control about 50% of the Chinese OLED TV market.
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