Xiaomi reports a 25.4% increase in profit in Q3 2021
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- personNabin Pradhan
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Xiaomi has published its earnings report for the third quarter of 2021. The Chinese tech company reported a revenue of 78.1 billion yuan (USD 12.2 billion) and saw a net income of 5.2 billion yuan (USD 814.06 million) during the quarter that ended in September. Xiaomi saw a growth of 25.4% year-on-year in its net income, and its revenue was 8.2% high from the same time in 2020.
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The company said that the impact made by the global macro-environment as well as market sentiment towards the technology sector in China in the third quarter had a substantial impact on Xiaomi’s net profit. Also, many analysts believe that the company was also impacted by the intensifying competition from domestic rivals like Oppo and Vivo.
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Meanwhile, Xiaomi global MIUI's 30-day active users have exceeded 500 million as of 22 November 2021, marking another milestone for Xiaomi’s “Smartphone x AIoT” strategy.
Revenue from Xiaomi’s smartphone segment amounted to 47.8 billion yuan, up 0.42% year-over-year. In the quarter, it shipped 43.9 million units, down 5.79% year-over-year.
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Xiaomi’s overseas revenue was 40.9 billion yuan (USD 6.4 billion), and it was the top seller in 11 countries and among the top five in 59 countries and regions globally. Its overseas revenue accounted for 52.4% of its total revenue.
In the third quarter of 2021, Xiaomi’s IoT and lifestyle products segment revenue was 20.9 billion Yuan, increasing 15.5% year-over-year. Its global smart TV shipments reached 3.0 million with a year-over-year revenue increase of 19.5%. Xiaomi was also ranked no.1 in TV shipments in mainland China for the 11th consecutive quarter and was among the top five globally in the third quarter of 2021.
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