Xiaomi, a brand actively operating in our country as well, recently announced its third-quarter results for the year 2023. The Chinese company’s adjusted net profit reached $845 million, showing a significant increase of 182.9%. Additionally, the company’s total revenue rose to $9.92 billion.
Xiaomi third quarter results
During the third quarter of 2023, there was a slight decrease of 1.1% in global phone sales compared to the same period in the previous year. Despite this decline in the overall market, Xiaomi experienced growth both compared to the previous year and the previous quarter. Global smartphone sales reached the highest level in the last six quarters, totaling 41.8 million units.
In this period, Xiaomi’s smartphone business unit achieved a 13.8% increase in revenue compared to the previous quarter, reaching $5.8 billion. The gross profit margin also reached a record level of 16.6%, showing a 7.7-point increase compared to the previous year.
According to Canalys, Xiaomi was the only brand among the top three brands to record year-on-year sales growth in this quarter. With a 14.1% market share in the industry, the company maintained its position as the third-largest global smartphone seller for 13 consecutive quarters.
