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Xiaomi revenues reach nearly US$10 billion in third quarter of 2023

The Xiaomi 14 series. (Source: Xiaomi)
The Xiaomi 14 series. (Source: Xiaomi)
Xiaomi has announced that it took in over 70 billion yuan (well over US$9 billion) over its latest quarter, which ended on September 30, 2023. The OEM's smartphones accounted for over half of that revenue, although its smart home, internet services and advertising businesses also made their contributions known.

The global personal electronics market has yet to bounce back by all accounts - however, no-one told Xiaomi's latest revenue estimates, which now stand at 70.9 billion yuan (or ~US$9.9 billion). The OEM was able to declare a net profit of 5.99 billion yuan (~US$840 million), which was 189.2% greater compared to the third quarter of 2022 (3Q2022).

The OEM's latest quarter ended in September 2023, which meant it was able to count devices such as the 13T series among its successes for that 3 months. Xiaomi also continued its "dual brand" strategy with Redmi, and did well with it in 3Q2023 with the K60 Ultra, not to mention the mid-range marvel Note 13 and Note 13 Pro lines.

They helped Xiaomi's smartphone division to contribute 41.6 billion yuan (~US$5.8 billion, or ~59%) of its 3Q2023 revenue, although its "IoT and lifestyle" tech also helped out with 20.7 billion yuan (~US$2.9 billion, or ~29%) of the takings, thanks in part to new products such as the Redmi Smart TV A50 2024 and Home Screen Pro 8

Xiaomi is now looking forward to "AI empowerment" in its final quarter of 2023, particularly thanks to its new Snapdragon 8 Gen 3-powered 14 series of flagship smartphones and their new HyperOS platform.

Buy a Xiaomi Pad 6 on Amazon


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> Expert Reviews and News on Laptops, Smartphones and Tech Innovations > News > News Archive > Newsarchive 2023 11 > Xiaomi revenues reach nearly US$10 billion in third quarter of 2023
Deirdre O'Donnell, 2023-11-22 (Update: 2023-11-22)