The Chinese company Xiaomi has traditionally published its financial results for the past period. In this case, it’s the third quarter of the year 2020, and the results also point to nearly a 50% year-over-year increase in smartphone shipments.
Xiaomi Financial Results Q3 2020: Smartphones keep growing too
Based on the currently available information, Xiaomi in China is now the third-largest smartphone manufacturer in the world, right after South Korea’s Samsung and China’s Huawei. These figures have now also been supplemented with specific numbers in light of the third-quarter financial results.
The report indicates that the company’s total revenue, Xiaomi Group, reached 72.2 billion Chinese yuan. In the current conversion, that’s more than €9 billion. This is a year-over-year increase of 34.5%. Net profit reached 4.1 billion Chinese yuan (more than €500 million), which is a year-over-year increase of as much as 47.5%.
During this quarter, the number of Xiaomi smartphone shipments reached the number 46,6 million units. That represents a year-over-year increase of up to 45,3%. Smartphone revenue reached 47,6 billion Chinese yuan (more than 6 billion €), which is a year-over-year increase of up to 47,5%.
In the third quarter of 2020, the average selling price of Xiaomi smartphones was 1022.3 Chinese yuan per unit (130.4 € / unit). For comparison, in the third quarter of 2019, this figure was at 1006.5 Chinese yuan per unit (128.45 € / unit).
Internet services and TVs are seeing success
In addition, in the third quarter of this year, revenues from the company’s Xiaomi Group internet services totaled 5.8 billion Chinese yuan (more than €740 million). This represents a year-over-year increase of 8.7%.
The Chinese manufacturer also revealed that during September 2020, the number of active users of the MIUI interface increased year-over-year by up to 26.3% to a total of 370 million users. Among them, there are as many as 110 million users in mainland China.
In that same month, active users of smart TVs and TV boxes reached 35.8 million. That represents a year-over-year increase of up to 49.9%. The number of paying viewers of the Xiaomi TV service reached 4.2 million, which signals a year-over-year increase of 28.2%.
The third quarter was successful for Xiaomi not only in terms of revenue, but also advertising income. The record high for a single quarter stopped at 3,3 billion Chinese yuan (more than 420 million €). That means a year-over-year increase of 13,7%.
Online games are down, while artificial intelligence keeps rising
Revenue from the company’s online games reached 800 million Chinese yuan (more than €102 million), which represents a year-over-year decline of 1.9%. Income from overseas internet services increased year-over-year by 75.6% to a total of 700 million Chinese yuan (more than €89 million). Its overall share in the rankings rose to 12%.
In addition, in the third quarter of 2020, Xiaomi in the areas of artificial intelligence and the Internet of Things recorded revenues of 18.1 billion Chinese yuan (more than €2.3 billion), which represents a year-over-year increase of 16.1%.
By 30 September 2020, the Chinese manufacturer Xiaomi invested in more than 300 companies with an accounting value of 39,5 billion Chinese yuan. This represents a year-on-year increase of 37,5%, the total investment value reached as much as 50,6 million Chinese yuan. Finally, we also bring you Xiaomi’s official statement regarding the published financial results.
Official statement by the Chinese company Xiaomi:
„Xiaomi Group, as a group, maintained its strong growth momentum in the third quarter of 2020 and recorded record quarterly revenue and net income. During the quarter, we achieved a sustainable pace of growth across various business segments, and the group continues with its core strategy ‘Smartphones x Artificial Intelligence and the Internet of Things’. We have the largest business and consumer Internet of Things platform for smartphones in the world, and the very first one grew despite competitive directions. Our dual-brand advantages and persistent technology inputs, along with our three main principles – never stop exploring and innovating, keep offering products with strong value for the money, and strive to make more appealing products – have kept us in a leading position in the premium market. Shipments of our smartphones again placed in the TOP 3 worldwide. Together with a diverse business ecosystem and internet services, our AI and IoT devices continue to expand, and their monetization continues to strengthen the shaping of a strong and remarkable value chain.” Xiaomi Corporation said.
Are you happy with Xiaomi’s results? Are you considering buying a Xiaomi smartphone? Feel free to share your impressions and opinions with us below in the discussion under the article. Follow our Facebook and the Xiaomi Planet portal to learn more.
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