Xiaomi doubles net profit by almost US$ 900 million in the first quarter of 2024

Xiaomithe electronic consumer and smart manufacturing company whose main line of business is smartphones and the smart hardwareannounced its unaudited Q1 results ended March 31, 2024.

In the said period, the Group’s total revenue amounted to RMB 75.5 billion (US$10.421 million), an increase of 27% year-on-year. Likewise, andNet profit reached an all-time high, increasing 100.8% year-on-year to 6.5 billion RMB (US$897,227 million). This includes RMB 2.3 billion (US$317.48 billion) in expenses related to its smart electric vehicle business and other new products, showing accelerated growth.

Xiaomi’s business lines that grew by double digits

Along these lines, due to the efficient execution of its core operating strategy of “double emphasis on scale and profitability”, in the first quarter of 2024, the gross profit margin of Xiaomi It reached 22.3% at the group level, an increase of 2.8 percentage points year-on-year. The Group executed its operational strategies, which has led to double-digit revenue growth in the first quarter in its three core businesses: smartphones, internet of things (IoT in English) and lifestyle products, and Internet services.

Xiaomi’s multiple growth drivers, combined with its strong performance in the smart electric vehicle business, have seen its results far exceed market estimates.

It is important to note that the profitability of Xiaomi’s core businesses remains strong in the long term, with abundant resources helping and strongly supporting technological innovation and the development of the smart electric vehicle business. As of March 31, 2024, the Group’s treasury reached RMB 127.3 billion (US$17,571 million).

Its research and development expenses in the first quarter were RMB 5.2 billion (US$717.782 million), a year-on-year increase of 25.4%, and numerous technological breakthroughs were achieved, particularly smart electric vehicles.