The financial results of Chinese Xiaomi for the first quarter of the current year exceeded preliminary expectations, as the process of gradual recovery of the global economy became a factor that created favorable circumstances for the business of this manufacturer of electronic appliances.
Sales of the mentioned company, based in Beijing, reached 75.51 billion yuan ($10.4 billion) from January 1 to March 31, 2024. This indicator showed an increase of 27% compared to the result for the same period last year. At the same time, analysts interviewed by the media predicted that the company’s sales for the first quarter of 2024 would be fixed at 73.5 billion yuan.
It’s worth noting that Xiaomi’s financial results for January-March of the current year were also evidence of a significant revival of what can be described as the economic dynamic of the manufacturer. Last quarter, the corresponding indicator showed the fastest growth rate in more than two years.
Adjusted net profit of the company for January-March 2024 amounted to 6.5 billion yuan. This indicator showed an increase of 100.8% compared to the result for the same period last year.
The company’s cash resources for the first quarter of 2024 were fixed at $127.3 billion. This indicator increased by 34.7% year-on-year.
Xiaomi’s global smartphone shipments for the first quarter of 2024 rose by almost 34% compared to the result for the same period in 2023. During the mentioned period, the company sold 40.8 million corresponding devices worldwide. This result was greatly facilitated by the recent recovery in the global smartphone market. The relevant information was published by IDC.
Xiaomi is currently the world’s third-largest smartphone manufacturer in terms of shipments. The company is losing ground to Samsung, which is the leader in the corresponding rating, and Apple. This information was also made public by IDC.
In March, Xiaomi, under the leadership of billionaire co-founder Lei Jun, began the history of its presence in the electric vehicle market, where the level of supply of products from different brands to customers is already very high. In this case, the company is trying to lower its dependence on the production of smartphones. As of the end of April, the number of orders for the first Xiaomi SU7 series electric sedan approached the 90,000 mark. By mid-May, the company had already delivered 10,000 electric vehicles.
The media, citing insiders, also report that Xiaomi is currently developing a sports utility vehicle, sales of which are expected to be launched next year. Analysts Steven Tseng and Sean Chen say that already in 2024, the share of the company’s electric cars business in its revenue structure will become significant.
As we have reported earlier, Xiaomi Launches New 14 Series Smartphone.
