Xiaomi Corporation announced unaudited consolidated results for the three months ended March 31, 2024, showing robust growth. Quarterly revenue increased 27% year-on-year to RMB75,5 billion. Adjusted net profit doubled to RMB6,5 billion. This includes expenditures of RMB 2,3 billion related to the electric vehicle (EV) business and other initiatives. The operating strategy resulted in a gross profit margin of 22,3%, up 2,8 percentage points year over year.
Topics of this article:
Xiaomi showed an exceptional performance in the first quarter of 2024 with significant growth in all its major business areas. The global expansion strategy and technological innovation have been key success factors, positioning the company on a solid growth trajectory for the future.
smartphone
Global smartphone shipments increased 33,7% to 40,6 million units. Smartphone revenue increased for the fourth consecutive quarter to RMB 46,5 billion. Xiaomi has maintained the world's third position in smartphone shipments for 15 consecutive quarters with a market share of 13,8%.
IoT and Lifestyle products
Revenue from IoT and lifestyle products reached an all-time high, increasing 21% to RMB 20,4 billion. Gross profit margin increased 4,1 percentage points to 19,9%. Sales of large smart home appliances showed strong growth with a 46% increase in revenue.
Internet services
Internet service revenues increased by 14,5% to RMB 8 billion. The gross profit margin for internet services reached 74,2%. Global and China monthly active users (MAU) reached record levels, with 658,1 million and 160,4 million users respectively.
Electric Vehicles (EV)
Xiaomi's first smart EV, the SU7 Series, was launched on March 28, 2024, receiving huge attention from the market. As of April 30, accumulated orders have reached 88.063 vehicles. Xiaomi has set a target of more than 100.000 new vehicle deliveries for 2024 and is expanding production capacity.
Research and development
Research and development expenses in the first quarter were RMB 5,2 billion, an increase of 25,4%. Xiaomi has made significant progress in smart EV and autonomous driving technologies, aiming to become a global leader in innovative technologies.
