Xiaomi 2023 Q3 Adjusted Net Profit Surges 182.9%

Xiaomi Corporation reported strong financial results for the third quarter of 2023, driven by growth in its smartphone and IoT businesses.

  • Revenue reached RMB70.9 billion (approx. RM46.5 billion), up 8.3% year-over-year.
  • Adjusted net profit reached RMB6 billion (approx. RM3.9 billion), up 182.9% year-over-year.
  • Gross profit margin reached 22.7%, up 6.1 percentage points year-over-year.

Xiaomi’s smartphone business achieved revenue of RMB41.6 billion (approx. RM27.3 billion), with a gross profit margin of 16.6%. The company’s premium smartphone strategy continued to gain traction, with the Xiaomi 14 Series achieving strong sales.

Xiaomi’s IoT and lifestyle products business generated revenue of RMB20.7 billion (approx. RM13.6 billion), with a gross profit margin of 17.8%. The company’s ecosystem products continued to grow in popularity, with the number of connected IoT devices reaching 699 million.

Xiaomi’s internet services business achieved revenue of RMB7.8 billion (approx. RM5 billion), with a gross profit margin of 74.4%. The company’s MIUI operating system continued to expand, with the global MAU reaching 623 million.

Xiaomi is committed to investing in research and development, with R&D expenses reaching RMB5 billion (approx. RM3.3 billion) in the third quarter. The company is also focused on innovation, with over 35,000 patents worldwide.

Xiaomi is well-positioned for continued growth, with its strong brand, expanding ecosystem, and commitment to innovation.

Additional Highlights

  • Xiaomi remains the No.1 smartphone vendor in Malaysia for Q3 2023.
  • Xiaomi unveiled its new operating system, Xiaomi HyperOS, which is designed to connect personal devices, cars, and smart home products in a smart ecosystem.

Xiaomi Retains Top Spot as Malaysia’s Smartphone Vendor in Q3 2023

Xiaomi maintained its dominance in the Malaysian smartphone market, capturing 17% unit share in Q3 2023. The company’s success stems from its strategic product launches, including the Redmi Note 12 series, Xiaomi 13 series, and Xiaomi 13T series, which have resonated with consumers seeking mid-range and premium smartphones. Xiaomi’s commitment to innovation and accessibility continues to drive its growth in Malaysia.

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