Xiaomi’s third-quarter financial results for 2024 reveal a company successfully expanding beyond its smartphone roots. The Chinese tech giant reported record-breaking revenue of 92.51 billion yuan ($12.8 billion), marking a 30.5% year-over-year increase.
This growth stems from strong performance across multiple segments, including smartphones, AIoT devices, and electric vehicles.
The smartphone division remains Xiaomi’s primary revenue driver. It generated 47.5 billion yuan ($6.56 billion), up 14% from the previous year.
Global smartphone shipments reached 43.1 million units, securing Xiaomi‘s position as the world’s third-largest smartphone vendor. This achievement marks the 17th consecutive quarter the company has held this ranking.
Xiaomi’s AIoT and smart living segment also showed robust growth. Revenue in this category jumped 26% to 26.1 billion yuan ($3.61 billion).
The company’s global monthly active users hit a record high of 685.8 million, growing by 10.1% compared to the previous year. This increase demonstrates the expanding reach of Xiaomi’s ecosystem.
Perhaps most notable is Xiaomi’s entry into the electric vehicle market. The company delivered 39,790 units of its SU7 series electric vehicles in Q3 2024.
Xiaomi’s Q3 2024 Results
By September 30, cumulative deliveries reached 67,157 units. The EV segment generated 9.7 billion yuan ($1.34 billion) in revenue, with a gross profit margin of 17.1%.
Xiaomi’s adjusted net profit for the quarter reached 6.25 billion yuan ($863.75 million), a 4.4% increase year-over-year. This figure includes a 1.5 billion yuan ($207.3 million) adjusted net loss related to the EV and other new initiatives segment.
The company’s willingness to invest in future growth areas is evident. Looking ahead, Xiaomi has set an ambitious goal of delivering 130,000 SU7 series vehicles for the full year of 2024.
The company’s EV factory capacity reached 20,000 units in October, with room for further expansion. This target reflects Xiaomi’s commitment to establishing itself as a serious player in the competitive EV market.
Xiaomi’s diversification strategy appears to be paying off. The company has successfully leveraged its brand strength in smartphones to expand into new product categories.
Its ability to maintain smartphone market share while simultaneously making significant inroads into the EV sector demonstrates adaptability and forward-thinking.
As Xiaomi continues to invest in research and development, particularly in areas such as artificial intelligence and smart manufacturing, it positions itself well for future growth.
The company’s focus on integrated smart devices and electric vehicles aligns with global market trends. Xiaomi’s Q3 2024 results paint a picture of a company in transition.
While smartphones remain its core business, the successful expansion into new segments suggests a bright future.
The coming years will likely see Xiaomi further solidify its position as a diversified technology company, competing across multiple product categories.
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