Xiaomi Reports Steady Revenue and Profit Growth in 3Q21
Xiaomi posted revenue and profit growth in the third quarter of 2021. The company managed to overcome shortages of key components to continue its smartphone momentum in overseas markets.
In an earnings statement, Xiaomi recorded total revenue of CNY78 billion ($12.2 billion), representing an increase of 8.2% year-over-year. Adjusted net profit for the period was RMB5.2 billion, an increase of 25.4% year-over-year. Its core business profitability maintained steady growth. Meanwhile, Xiaomi global MIUI 30-day active users have exceeded 500 million as of 22 November 2021, marking another milestone for the company's “Smartphone x AIoT” strategy.
“During the third quarter of 2021, we continue to strengthen our core ’Smartphone × AIoT’ strategy and advance in the premium smartphone market. We ranked 1st in terms of smartphone shipments in 11 countries and regions. We continued to explore and innovate in product and technology to further enhance our competitiveness in the premium market. Our internet services revenue reached a new quarterly high and we remain committed to investing in research and development that underpins our products’ core competitiveness,” the company said in a statement.
Xiaomi claimed it solidified its position across international markets despite a global shortage of key components. It cited figures from market research company Canalys showing it topped shipment tables in 11 countries and regions, and was among the top five in 59 countries and regions globally. In total, Xiaomi’s smartphone shipments reached 43.9 million, ranking it third overall with a market share of 13.5%. Revenue at Xiaomi’s other major business unit, internet services grew 27.1% to CNY7.3 billion, a new quarterly high. Advertising revenue grew 44.7% to CNY4.8 billion on an expanding user base and gaming rose 25% to CNY1 billion.