Xiaomi experienced a significant increase in quarterly net profit,Hannah Harper Archives surpassing market expectations, according to its unaudited financial results for the third quarter. In the third quarter, Xiaomi’s revenue reached RMB 70.89 billion ($9.98 billion), while the adjusted net profit saw an increase of 182.9% year-on-year, amounting to RMB 5.99 billion ($0.84 billion). Xiaomi secured the third position in global smartphone shipment for the third quarter, with a market share of 14.1%, marking a 0.5% increase compared to the previous year, as reported by Canalys. Xiaomi stands out as the sole brand among the top three to achieve year-on-year growth in shipment volume amid the slump in the phone market. The company also demonstrated its commitment to innovation by investing RMB 5 billion ($0.7 billion) in research and development during the third quarter, reflecting a substantial 22.0% year-on-year growth in expenditure. [Yicai, in Chinese]
