Xiaomi Q3 net income jumps 183%
- Xiaomi’s third-quarter net income jumps 183% to 6 billion yuan ($833 million), beating expectations.
- Revenue also tops estimates, coming in at 70.9 billion yuan ($9.83 billion)
- Xiaomi shipped 9.1 million devices in China, maintaining a stable performance compared to the previous year, outperforming the industry’s 5% decline in overall sales
- Xiaomi outperforms the wider smartphone market, with device shipments remaining flat while industry sales drop 5%.
- The company is also making progress on its new electric vehicle division, with plans to start mass production in the first half of 2024.