Xiaomi announced its financial results for the first quarter of 2024. During this period, the company increased its adjusted net profit by 100.8 percent compared to the previous year, reaching 6.5 billion RMB, and broke a new record. Here are all the details…
The rise in the smartphone market! Electric car target is 100 thousand
Xiaomi’s total revenue increased by 27 percent compared to the same period of the previous year, reaching 75.5 billion RMB. With this result, the company recorded double-digit revenue growth for two consecutive quarters. Xiaomi’s gross profit margin also increased by 2.8 points to 22.3 percent in the first quarter of 2024 compared to the same period of the previous year.
The company’s success is largely due to the double-digit revenue growth achieved in three main business lines: smartphones, IoT and lifestyle products, and internet services. Particularly strong performance in the smart electric vehicle sector played an important role in Xiaomi’s growth and enabled the results to exceed market expectations.
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The company reached a cash reserve of RMB 127.3 billion as of March 31, 2024. The company invested RMB 5.2 billion in research and development activities in the first quarter, an increase of 25.4 percent compared to the same period of the previous year.
With the impact of globalization and premiumization strategies, Xiaomi’s global smartphone sales increased by 33.7 percent in the first quarter, reaching 40.6 million units. The company thus recorded annual growth for three consecutive quarters. Smartphone revenues also increased for the fourth consecutive quarter, reaching RMB 46.5 billion.
Xiaomi’s IoT and lifestyle products category broke a historical record in the first quarter, generating revenue of RMB 20.4 billion, an increase of 21 percent compared to the previous year. Gross profit margin in this category increased by 4.1 points compared to the previous year, reaching a record level of 19.9 percent.
Xiaomi SU7, the company’s first smart electric vehicle, was officially launched on March 28, 2024. As of April 30, 88 thousand 63 final orders were received for the Xiaomi SU7 Series. As of May 15, a total of 10 thousand vehicles were delivered.
The company plans to open 219 sales stores in 46 cities and 143 service centers in 86 cities by the end of 2024. Confident in its electric vehicle production capacity, Xiaomi aims to deliver over 100 thousand vehicles for 2024. To achieve this goal, double shift production started in June.