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Chinese technology giant Xiaomi has announced impressive financial results for the fourth quarter, driven by a surge in smartphone sales and growth in various business segments.
The company’s revenue and adjusted net profit surpassed analyst estimates, signaling a positive outlook for its future endeavors.
Xiaomi reported a 10.9% increase in fourth-quarter revenue, reaching 73.24 billion yuan ($10.17 billion), slightly exceeding analysts’ expectations.
Additionally, the company’s adjusted net profit surged by 236.1% to 4.9 billion yuan, significantly outperforming analyst forecasts.
The smartphone industry rebounded in the second half of 2023, contributing to Xiaomi’s robust performance.
In the fourth quarter, Xiaomi’s global smartphone shipments rose by 23% year-on-year to 40.7 million units, securing the company’s position as the third-largest smartphone vendor globally with a 13% market share.
Amid a saturated smartphone market, Xiaomi has diversified its business portfolio, venturing into electric vehicles.
The company is set to launch its first EVs in China this month, leveraging its extensive retail network. Xiaomi aims to establish a presence in the battery-powered luxury sedan segment, although specific strategies were not disclosed during the earnings call.
Xiaomi’s entry into the EV market involves collaboration with a unit of state-owned automaker BAIC, with plans to produce EVs at a Beijing factory.
The company has allocated significant resources, including a 10 billion yuan investment in vehicle development and a pledge of $10 billion over the following decade for its automotive business.
Xiaomi’s commitment to innovation is evident in its increased investment in research and development (R&D).
The firm allocated 19.1 billion yuan to R&D expenses in 2023, representing a 19.2% year-on-year increase. These investments primarily support the EV business and other strategic initiatives.
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