Xiaomi has announced its financial results for the third quarter of 2024. Surpassing expectations, the Chinese manufacturer reported a significant increase in revenue compared to the previous year. The company has expressed its intention to continue growing and aims for global leadership in the latest technologies.

Xiaomi’s revenues reached $12.9 billion

Xiaomi’s revenue reached $12.9 billion Xiaomi’s total revenue for the third quarter increased by 30.5% year-on-year, reaching 92.5 billion RMB ($12.9 billion), with an adjusted net profit of 6.3 billion RMB ($882 million).

Breaking this down further, the smartphone business generated 47.5 billion RMB ($6.65 billion), IoT and lifestyle products brought in 26.1 billion RMB ($3.65 billion), and internet services accounted for 8.5 billion RMB ($1.19 billion) in revenue.

Moreover, revenue from Xiaomi’s electric vehicle and other new ventures reached 9.7 billion RMB ($1.36 billion), nearing the 10 billion RMB milestone.

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In the third quarter, Xiaomi boosted its cash reserves, reaching a new high of 151.6 billion RMB ($21.22 billion) as of September 30, 2024. During this year’s 11.11 shopping festival, the brand’s multi-channel cumulative gross merchandise value surpassed 31.9 billion RMB ($4.47 billion).

What do you think about this? Do you believe the brand is on the right track? Feel free to share your thoughts in the comments!