Xiaomi published its financial results for the third quarter of 2023. According to the announced data, the company’s total revenue increased to 9.92 billion dollars. Net profit increased by 183% compared to last year and reached 840 million dollars. The company’s gross profit margin reached the highest level in its history at 22.7%. The company has $17.8 billion in cash in its safe.During this period, Xiaomi increased its R&D investments by 22% and spent 700 million dollars. Adopting the “human, automobile, home” ecosystem strategy, the company created the HyperOS operating system after seven years of work with 5000 engineers for this purpose.
The smartphone division of the company, which reached 1 million sales in a short time with the newly introduced Xiaomi 14 series, broke a record with a gross profit margin of 16.6%. Xiaomi managed to rank in the top three in the global smartphone market for 13 consecutive quarters. The company also increased its revenues in the consumer electronics segment to $2.8 billion, the highest level in its history. Reaching 699 million connected IoT devices in the IoT segment, the number of people actively using Xiaomi’s Mi Home application reached 84 million.
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