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Xiaomi Q3 revenue of RMB 70.5 billion, Adjusted net profit of RMB 2.1 billion

Xiaomi Group this afternoon released its results announcement for the three and nine months ended September 30, 2022, reporting total revenue of RMB 70.5 billion and adjusted net profit of RMB 2.1 billion for the period, which includes RMB 829 million in innovative business expenses such as smart electric vehicles.

In the third quarter, Xiaomi’s global smartphone shipments improved again sequentially, with 40.2 million units shipped and smartphone business revenue of RMB 42.5 billion. According to Canalys data, Xiaomi maintained its third-place ranking in global smartphone shipments with a market share of 13.6 percent in the quarter. Xiaomi ranked top three in smartphone shipments in 52 markets and top five in smartphone shipments in 64 markets worldwide, with Xiaomi ranking second with a 23.3% market share of smartphone shipments in Europe.

Xiaomi Q3

Xiaomi’s global user base has grown steadily, and in Q3 2022, Xiaomi’s MIUI monthly active users reached a new record high in both global and mainland China, with 564 million monthly active users globally and 141 million in mainland China in September 2022. The number of MIUI monthly users in mainland China has been increasing for 8 consecutive quarters.

The intelligent technology ecology, as of September 30, 2022, the Xiaomi AIoT platform has connected IoT devices (excluding smartphones, tablets and laptops) 558 million; has more than five pieces of devices connected to the Xiaomi AIoT platform (excluding smartphones, tablets and laptops) 10.9 million users. Revenue from smart home appliances (air conditioners, refrigerators and washing machines) continued to grow strongly this quarter, achieving a record high of over 70% year-on-year growth.

In terms of R&D investment, Xiaomi’s R&D expenditure reached RMB 4.1 billion in the third quarter of 2022, an increase of 25.7% year-on-year. The company’s R&D staff accounted for approximately 48% of the total number of employees, and the scale of the R&D team continued to expand.

In September 2022, the number of monthly active users of Xiaoxia classmates increased by 9.0% year-over-year to 115 million, and the number of monthly active users of the Mi Home App increased by 20.9% year-over-year to 72.4 million.

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