Technology

Xiaomi’s investments weigh on your earnings

The heavy investments made by Xiaomi to establish itself in the smartphone market are hurting its profits. If the Chinese manufacturer announced on Tuesday an 8.2% increase in its turnover in the third quarter, to 10,800 million euros, its net profit fell from 680 million euros last year to 110 million euros.

By segment, smartphone revenue increased 0.5% to € 6.66 billion. Now the world’s second-largest manufacturer behind Samsung, Xiaomi said it shipped 43.9 million devices in the third quarter, down 5.8% year-on-year, due to constraints in its supply chains.

As a reminder, Xiaomi is, according to the Canalys institute, the main smartphone seller in countries such as Spain, Poland, Ukraine, Lithuania, Algeria, Peru and India. The company’s Internet services segment posted record revenue of € 1 billion, up 27% from last year.

500 million active users on MIUI

Xiaomi now has more than 500 million active users in the last 30 days on its MIUI platform. At the end of the third quarter, the Chinese firm estimated its user base at 486 million MIUI users, including 127 million in mainland China.

In terms of Internet service revenue, the announcement allowed the manufacturer to pocket 670 million euros in the third quarter, a performance presented as a record due to the “development of the user base, the highest percentage of high-end smartphone users and increased monetization capabilities ”, while the gaming industry increased by 25% in one year to reach € 140 million. Note that Xiaomi Internet service revenues outside of China more than doubled to reach the 210 million euros.

Regarding its electric vehicle projects announced last March, the company says that the team has more than 500 people and mass production will begin in the first half of 2024. Regarding its long-term investments, the management of Xiaomi says it has 6.4 billion euros, mainly in the form of shares.

Source: .com

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