A total quarterly revenue of RMB70.9 billion ($9.94 billion/€9.12 billion) was reported by Xiaomi in its results report for the third quarter of 2023. The company also said that the group gross profit margin reached 22.7% and adjusted net profit reached RMB6 billion ($841 million/€771 million), representing a year-over-year growth of 182.9% respectively.
In addition, Xiaomi reported that the revenue of its Internet of Things (IoT) and lifestyle goods increased to RMB20.7 billion ($2.9 billion/€2.6 billion) with a profit margin of 17.8%. On the other hand, the revenue of its smartphones was RMB41.6 billion ($5.83 billion/€5.35 billion) with a gross profit margin of 16.6%.
Additionally, Xiaomi has an internet services business, which achieved a quarterly high of RMB7.8 billion ($1.09 billion/€1 billion) in revenue and a gross profit margin of 74.4%. Advertising brought in RMB5.4 billion ($759 million/€695 million) for the Chinese company, while its international internet services brought in RMB2.3 billion ($323 million/€296 million) in income.
In addition, the company reported that its cash reserve had hit a new all-time high of RMB127.6 billion ($17 billion/€16 billion), while it had spent RMB1.7 billion ($238 million/€218 million) on smart electric vehicles and other new initiatives.