Xiaomi reported its Q1 2024 financial results with total revenue of 75,506.8 million Yuan, marking a 27.0% increase from the same quarter in the previous year. The net profit according to Non-IFRS accounting standards stood at 6,490.9 million Yuan.
Revenue from Xiaomi’s smartphone business saw a significant boost of 32.9%, reaching 46,479.7 million Yuan, driven by a surge in deliveries totaling 40.6 million units. Meanwhile, the IoT and lifestyle segment experienced a 21.0% revenue growth to 20,373.5 million Yuan, largely attributed to sales of tablets, large appliances, and wearable devices.
Xiaomi also provided updates on its electric vehicle business, SU7, which commenced deliveries in April. By the end of April, accumulated orders reached 88,063 vehicles, and as of May 15, the company successfully delivered 10,000 vehicles with a target to deliver another 10,000 vehicles in June alone. The ambitious goal for the year is to deliver at least 100,000 vehicles.
Source: Xiaomi (pdf)
TLDR: Xiaomi’s Q1 2024 financial report showcased impressive revenue growth in its smartphone, IoT, and electric vehicle businesses, with a strong focus on delivering innovative products to meet increasing demand.
Leave a Comment