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Xiaomi Corporation has just announced its unaudited consolidated profit results for the three months ended June 30, 2023 with many good results.
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| Xiaomi achieves good results in Q2 2023 |
Accordingly, Xiaomi achieved strong profits and business growth with many operating indicators reaching record highs. In the second quarter of 2023, total revenue reached US$9.2 billion, up 13.2% quarter-on-quarter. Adjusted net profit reached US$700 million, up 147% year-on-year. This is the highest quarterly profit since the fourth quarter of 2021, far exceeding the market average.
The results came from a variety of service segments, such as: Xiaomi's global smartphone market share increased by 1.6 percentage points to 12.9% quarter-on-quarter, with global smartphone shipments reaching 32.9 million units. In the second quarter of 2023, its smartphone revenue reached $5 billion, up 4.6% quarter-on-quarter.
In the second quarter, revenue from large smart home appliances (including air conditioners, refrigerators, and washing machines) increased by more than 70% year-on-year. Among them, Xiaomi's air conditioner shipments increased by more than 90% year-on-year. Both the group's refrigerator and washing machine businesses performed better than the market average.
By announcing policies to enhance market demand and promote consumption, revenue from Xiaomi's IoT and lifestyle products reached US$3 billion (RMB22.3 billion), up 12.3% year-on-year. Gross profit margin reached 17.6%, up 3.3 percentage points year-on-year, setting a new record high.
Xiaomi continues to enhance connectivity in various user scenarios. As of June 30, 2023, the number of connected IoT devices (excluding smartphones, tablets, and laptops) on the group's AIoT platform reached 654.5 million, up 24.2% year-on-year…
Xiaomi continues to implement its key strategies and continuously promote the premiumization of smartphones. The Group's gross profit margin reached a record high of 21%, marking an improvement in gross profit margin across all three business segments of smartphones, IoT, lifestyle products and internet services. Xiaomi also continues to reduce costs, improve efficiency and further optimize inventory management measures, consolidating the Group's long-term and sustainable development...
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