Xiaomi has reported its Q4 2023 performance results ending in December, showing a total revenue increase of 10.9% from the previous year to 73,243.7 million yuan. The net profit reached 4,723.5 million yuan, marking a 50.3% increase.
The revenue from the smartphone business stood at 44,232.2 million yuan, up by 20.6% due to a higher number of deliveries despite a decrease in average device prices. With 40.5 million units delivered, sales in China also saw growth, especially in the successful premium models.
On the other hand, the IoT and lifestyle business group experienced a revenue decline of 5.1% to 20,346.8 million yuan, mainly attributed to decreased sales of TVs and laptops. However, tablet and large appliances like air conditioners and refrigerators sales growth compensated for the decline.
Xiaomi made significant developments in the past quarter, introducing HyperOS, a new foundational operating system for the Xiaomi ecosystem. The company also adjusted its strategy to focus on Human x Car x Home and expanded this service beyond China in February of this year.
Source: Xiaomi (pdf)
TLDR: Xiaomi reported a strong performance in Q4 2023 with revenue and net profit increase, driven by smartphone sales growth and expansion of services outside China. The company introduced HyperOS and revamped its business strategy to focus on the human, car, and home segments.
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