Increase in Xiaomi’s net profit
The Chinese smartphone manufacturer Xiaomi recently announced a significant increase in its net profit in the third quarter of 2024. This positive result is mainly attributed to strong sales in its core business segments, which include smartphones, Internet services and electric vehicles. The company reported a 9.9% increase in net profit, reaching 5.35 billion yuan, equivalent to about 740 million dollars. This figure has exceeded the estimates of industry analysts, demonstrating Xiaomi’s resilience and competitiveness in the global
market.
Analysis of revenues and sales
Excluding the costs related to share-based compensation and other extraordinary items, Xiaomi’s quarterly profit would have been even higher, reaching 6.25 billion yuan, marking an increase of 4.3% compared to the same period of the previous year. The Beijing-based company’s revenues increased by 30%, reaching 92.51 billion yuan. This result was driven by the growing demand for smartphones and electric vehicles, sectors in which Xiaomi continues to expand its global presence
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Growth and innovation strategies
Xiaomi has invested significantly in research and development, focusing on technological innovations that attract consumers. The company’s strategy focuses not only on the production of smartphones, but also on expanding into the electric vehicle market, a rapidly growing sector. The diversification of products and attention to consumer needs have allowed Xiaomi to maintain a competitive position in the market, despite global economic challenges. With the increase in demand for sustainable technology, Xiaomi is preparing to capitalize on this trend, positioning itself as a leader in the sector
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