Xiaomi beats estimates with record quarterly revenue and net profit

Xiaomi Corporation, an internet company with smartphone and smart hardware connected by an Internet of Things (“IoT”) platform at its core, today announced its unaudited consolidated results for the three months and nine months ended  September 30, 2020 (“the Period”), said a press release.

“Xiaomi’s stellar Q3 2020 performance sets 15 records:

  • Total revenue was RMB72.2 billion, YoY growth 34.5%
  • Adjusted net profit was RMB4.1 billion, YoY growth 18.9%
  • Smartphone revenues was RMB47.6 billion, YoY growth 47.5%
  • Smartphone shipments were 46.6 million units, YoY growth 45.3%
  • Overseas markets revenues
  • Overseas IoT and lifestyle products revenues
  • Overseas internet services revenues
  • Overseas MIUI MAU (monthly active users)
  • Internet services advertising revenues
  • Global MIUI MAU
  • Smart TVs and Mi Box MAU
  • The number of connected IoT devices (excluding smartphones and laptops) on the AIoT platform
  • The number of users who have five or more devices connected to Xiaomi’s AIoT platform (excluding smartphones and laptops)
  • Mi Home App MAU
  • AI Assistant MAU

“In Q3 2020, Xiaomi’s smartphone business grew significantly – both revenue and shipments achieved record high levels – and kept the momentum for growth in both mainland China and in overseas markets. Smartphone revenue amounted to RMB47.6 billion in the quarter representing an increase of 47.5% YoY while smartphone shipments totaled 46.6 million units, an increase of 45.3% YoY.

“According to Canalys, Xiaomi ranked 3rd globally in terms of smartphone shipments with a market share of 13.5% in Q3 2020. In the first 10 months of 2020, the Group sold more than 8 million units of smartphones globally with retail price points at or above RMB3,000 in mainland China and EUR300, or equivalent, in overseas markets.

“The Group insisted on implementing a dual-brand strategy and yielded significant results in mainland China, achieving growth in both volume and average selling price (“ASP”). It successfully upheld its position in the premium smartphone market spearheading industry advancements in key smartphone features such as camera and fast charging. According to Canalys, Xiaomi’s smartphone shipments market share in mainland China climbed to 12.6% in the third quarter of 2020 from 9.0% in the same period of 2019, maintaining a top four position.

“Meanwhile, the ASP of Xiaomi’s smartphones in mainland China increased by 14.7% YoY driven by a higher percentage of sales from premium smartphones.

“During the Singles’ Day shopping festival in 2020, Xiaomi ranked 1st in sales volume among Android smartphones on Tmall.com, JD.com and Suning.com. According to Canalys, Redmi accounted for 3 of the world’s top 10 best-selling smartphones in the third quarter of 2020.”

Xiaomi Corporation said, “The Group maintained its strong growth momentum in the third quarter of 2020 and posted record high quarterly revenue and net profit. During the quarter, we achieved sustained growth across various business segments and the Group continues to pursue its core ‘Smartphone x AIoT’ strategy.”

“We have the world’s leading smartphone business and consumer IoT platform with the former continuing to grow despite headwinds. Leveraging our dual-brand advantages and unremitting technological inputs as well as our ‘three guiding principles’ – never cease to explore and innovate, continue to offer products with strong price-to-performance ratio, and seek to make the coolest products – we successfully upheld our position in the premium market and smartphone shipments ranked among the top 3 in the world once more. Coupled with the diversified business ecosystem and Internet services, our AIoT terminals continue to attract traffic and its monetization capability continues to strengthen forming a strong value chain worthy of notice.”

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