Xiaomi's revenue from July to September 2024 reached 92.5 billion yuan ($12.8 billion), surpassing the 90.3 billion yuan estimated by analysts surveyed by Bloomberg, according to the South China Morning Post (SCMP). This figure increased 30.5% compared to the same period last year.
Adjusted net income for the period rose 4.4 percent year-on-year to 6.3 billion yuan, above estimates of 5.9 billion yuan.
“We are committed to a new 2020-2030 goal of investing in foundational core technologies and becoming a global leader in the ever-evolving field of advanced technologies,” the company said in a statement.
Xiaomi's "smart electric vehicles and other new initiatives" business brought in 9.7 billion yuan in revenue in the past three months.
Xiaomi’s first electric vehicle, the SU7, was well received when it was released earlier this year. The company said it delivered 39,790 SU7s in the third quarter of 2024.
Xiaomi’s goal of producing 100,000 electric vehicles has been met early. The tech giant’s CEO, Lei Jun, stressed that they are aiming to produce 30,000 vehicles by the end of the year.
The Beijing-based company's core businesses of smartphones and "artificial intelligence of things" or AIoT - a category that includes the Internet of Things and lifestyle products - generated 82.8 billion yuan in the quarter, up 16.8% year-on-year.
Global smartphone sales grew 5% in the third quarter, according to consultancy Canalys.
According to data compiled by Canalys, Xiaomi was the third-largest smartphone vendor worldwide in the third quarter with 42.8 units shipped and 14% of the global market, behind only Samsung Electronics and Apple, with 19% and 18%, respectively.
In China, Xiaomi climbed one spot to become the fourth-largest smartphone vendor with 10.2 million units, accounting for 15% of the market, according to Canalys. The company is behind Vivo, Huawei Technologies and Honor.
Over the years, Xiaomi has sought to shed its image as a low-cost phone maker, competing with Huawei and Apple in the premium segment.
After its launch last month, the new Xiaomi 15 flagship series has reached 1 million unit sales, faster than its predecessor despite a higher starting price, the company said in its earnings report.
Overall, Xiaomi has a very diverse product portfolio from smartphones, electric vehicles, refrigerators, washing machines... to lifestyle products.
