Xiaomi said revenues for the third quarter rose over 49 percent from the year before to CNY 50.846 billion. The company’s net profit went to CNY 2.481 billion, a slide from the 14.6 billion recorded in the previous quarter, according Telecompaper. The adjusted net profit reached CNY 2.885 billion, up 17.3 percent year-on-year and 36.3 percent quarter-on-quarter. Smartphone shipments year-to-date passed 100 million units, reaching the company’s target two months ahead of schedule.
CEO Lei Jun (photo) expressed confidence about Xiaomi’s future, citing its strategy to boost performance in the high-end market, push the development of new retail channels and focus on developing AI applications. The company is also working on upping the monetisation of internet services in China apart from smartphone and on the globalisation of its IoT.
International revenue jumped 112.7 percent to RMB 22.3 billion, making up 43.9 percent of revenues. The company’s smartphone segment lifted over 36 percent to CNY 35 billion, driven by increases in both smartphone sales volumes and ins average selling prices (ASPs). At the IoT and lifestyle segment, revenues grew almost 90 percent to CNY 10.8 billion, while at smart TV and laptops, they advanced over 100 percent to CNY 4.227 million. For internet services, revenues increased 85.5 percent to CNY 4.7 billion. Growth was also solid for products such as the Mi Band, Mi Electric Scooter and Mi VR headset. Finally, advertising revenue went up 109.8 percent to CNY 3.2 billion.
The ASP for smartphones on Mainland China continued its rise from the previous quarter, going 16 percent higher year-on-year and 4 percent quarter-on-quarter. Outside Mainland China, ASP increased by 18 percent from the year before, mainly due to more shipments to Western Europe.
The number of monthly active users (MAUs()) meanwhile went up 43.4 percent to 224.4 million at end September, from 156.5 million the year earlier. ARPU lifted 29.4 percent to CNY 21.1 million.
