Xiaomi posts first revenue growth in 6 quarters buoyed by smartphone sales uptick
- Beijing-based Xiaomi’s revenue rose 0.6 per cent year-on-year to 70.9 billion yuan in the September quarter
- Xiaomi unveiled its new operating system Xiaomi HyperOS in October, with an emphasis on its AI abilities
Xiaomi eked out its first year-on-year revenue growth in six quarters, buoyed by a stronger smartphone business, as the company continues to make inroads against rivals in the premium segment amid shifting consumer preferences.
Xiaomi president Lu Weibing said during a media conference call on Monday that the company's electric vehicle (EV) development was also on track with the second winter trial of its EVs to start shortly, without elaborating. Xiaomi spent 1.7 billion yuan (US$237 million) on its EV business during the third quarter.
Beijing-based Xiaomi’s revenue rose 0.6 per cent year-on-year to 70.9 billion yuan in the September quarter, reversing a trajectory of downward year-on-year revenue growth over the past six quarters, according to the firm's financial statement on Monday.
During the third quarter, the world’s third-largest smartphone maker shipped 41.8 million handset units, up 4 per cent year-on-year. Xiaomi’s smartphone revenue accounted for 58.7 per cent of total sales, compared with a 60.3 per cent share a year ago.
Xiaomi returned to profitability during the third quarter, making 4.9 billion yuan in net income versus a loss of 1.5 billion yuan a year earlier.