Xiaomi Reports First Revenue Growth in Six Quarters

Boosted by Smartphone Sales, the Company's Net Income Jumps 183% Year-on-Year

Xiaomi Corp reported its first year-on-year revenue growth in six quarters, with a 0.6% increase to 70.9 billion yuan in Q3 2023.
Smartphone sales, accounting for 58.7% of total sales, were a significant contributor to the revenue growth.
Xiaomi's net income for Q3 2023 was 6 billion yuan, a 183% increase from a year earlier, largely due to lower component costs and operating efficiencies.
Despite an overall industry slump, Xiaomi shipped 41.8 million handset units in Q3 2023, a 4% increase year-on-year.
Xiaomi's electric vehicle (EV) development is on track, with the company spending 1.7 billion yuan on its EV business in Q3 2023.