The post Xiaomi Q1 2024 adjusted net profit doubles YoY to RMB6.5 billion appeared on BitcoinEthereumNews.com.

Advancing into a robust growth trajectory, fueled by multiple engines. Beijing, Hong Kong, May 23, 2024 — Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, announced its unaudited consolidated results for the three months ended March 31, 2024 (“the Period” or “Q1”) with quarterly revenue registering double-digit year-over-year growth for two consecutive quarters. During the Period, the Group’s total revenue amounted to RMB75.5 billion, an increase of 27% YoY. Adjusted net profit hit a record high, increasing by 100.8% YoY to RMB6.5 billion. This included RMB 2.3 billion in expenses related to its smart Electric Vehicle (“EV”) business and other new initiatives, signaling accelerated growth. Due to the efficient execution of its core operating strategy of “dual emphasis on scale and profitability”, in the first quarter of 2024, Xiaomi’s gross profit margin reached 22.3% at the Group level, an increase of 2.8 percentage points YoY. The Group diligently executed its operating strategies, driving double-digit revenue growth in Q1 in its three core businesses — smartphones, IoT and lifestyle products, and internet services. Xiaomi’s multiple growth engines, combined with its robust performance of the smart EV business, propelled its results to far exceed market estimates. The profitability of Xiaomi’s core businesses remains solid over the long term, with abundant cash resources facilitating strong support for technological innovation and the development of smart EV business. As of March 31, 2024, the Group’s cash resources reached RMB127.3 billion. Its research and development expenses in the first quarter were RMB 5.2 billion, up 25.4% YoY, with numerous technological breakthroughs achieved, particularly in smart EV technologies. Premiumization strategy pays off with rising ASP of smartphones Driven by globalization and premiumization strategies, Xiaomi’s…

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Filed under: News - @ May 27, 2024 6:22 pm