Xiaomi Reports Mediocre Third Quarter Results

Chinese leading smartphone maker Xiaomi (Source: Shaw Wan/Pandaily)

Xiaomi has released its financial results for the third quarter of 2019, during which the company generated a record 53.7 billion yuan in total revenue, representing a 5.5% increase year on year. Xiaomi’s adjusted net profit increased by 20.3% compared to last year’s quarter.

Meanwhile, Xiaomi’s MIUI MAUs reached a total of 291.6 million, up 29.9% compared to the previous year. As the company continues to execute its “Smartphone +AIoT” strategy, the number of connected IoT devices, (excluding smartphones and laptops) grew by 62% reaching 213.2 million by the end of the third quarter.

Xiaomi’s IoT and lifestyle business segment generated 15.6 billion yuan in revenue, which was a 44.4% increase compared to the previous year’s period.

Xiaomi’s smartphone business raked in 32.3 billion yuan in revenue during the quarter, accounting for over 60% of the company’s overall revenue. According to Canalys, Xiaomi ranks 4th globally in terms of smartphone shipments, with a total market share of 9.2%. Xiaomi also continued to expand its influence overseas, with overseas revenue accounting for 48.7% of the company’s total, which represents a 17.2% increase year on year. The company’s smartphones ranked first in India in terms of units shipped for the ninth consecutive quarter.

The company has also received international recognition, debuting on the Fortune Future 50 list in October, coming in 7th place, which was second-highest among Chinese companies. Xiaomi was additionally recognized by Forbes’ Top 100 Digital Companies, ranking 57th.