BRIEF: Xiaomi profit soars 130% in third quarter as EV revenue hits record

Smartphone maker Xiaomi Corp. (1810.HK) said on Tuesday its revenue rose 22.3% year-over-year to 113.1 billion yuan ($15.91 billion) in the third quarter, while its profit surged 129.5% to 12.26 billion yuan, and its adjusted profit jumped 80.9% to 11.3 billion yuan.

Revenue from Xiaomi’s Smartphone × AIoT ecosystem reached 84.1 billion yuan during the period, up 1.6% year-over-year. Global smartphone shipments stood at 43.3 million during the quarter, up 0.5% year-on-year, generating 46 billion yuan in revenue. Xiaomi ranked second in smartphone sales in China during the quarter with 16.7% of the market, based on shipments, while globally it maintained a top-three position with 13.6% of the market.

The company’s revenue from smart electric vehicles (EVs) and innovative businesses including AI hit a record 29 billion yuan in the quarter, tripling year-over-year. EV revenue accounted for most of that, totaling 28.3 billion yuan, with deliveries also setting a new high of 108,796 units during the quarter. The Xiaomi YU7 series, launched in June, took the top spot in China SUV sales last month.

Shares of Xiaomi opened down 1.9% at HK$40 on Wednesday. The stock is down 35% from its 52-week high.

By Lau Chi Hang

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