Chinese tech leader Xiaomi has announced record net profits of $897.6 million for the first quarter (Q1) of 2024 driven by growth trajectory in smartphones, IoT, electric vehicles (EV), etc. The financial report provides insights into the company’s flourishing businesses and its ever-growing prospects.
According to the report, Xiaomi Group’s total revenue grew by 27% year on year to $10.42 billion. Likewise, the net profit increased by 100.8% to $897.6 million. The report highlights the Chinese brand’s finances from January to March 2024.
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Xiaomi delivers more finances in Q1 2024
Xiaomi reported an increase of 22.3% in gross profit margin, an increase of 2.8% year on year. The exceptional financial growth owes to its core businesses and market response in new ventures.
Especially, the average selling point (ASP) of Xioami/Redmi smartphones helped the brand greatly in returning great finances. In the first quarter of 2024, Xiaomi shipped 40.6 million units of smartphones. It’s an impressive year-on-year increase of 33.7%. This translated into the growth of smartphone revenue growth reaching $6.42 billion. The affluent brand also maintained its top-three position as the world’s leading smartphone OEM.
IoT marks momentous growth
Xiaomi’s venture into the Internet of Things (IoT) was impressive too hitting another long stride. Revenue from IoT products and lifestyle hit a record 21% year-on-year increase reaching $2.82 billion. The electric vehicles (EV) business remains on a high trajectory and the company targets to produce 100,000 EV units per year.
Similarly, the brand also saw its internet services gaining an increase of 14.5% year-on-year with its gross profit margin reaching 74.2%. Its revenues for overseas internet services reached over $357 million.
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Xiaomi’s strong financial performance shall continue in the coming quarters of 2024.
