The Chinese company Xiaomi published its financial results for the fourth quarter of last year.

In October-December 2023, the revenue of the mentioned firm amounted to 73.24 billion yuan ($10.17 billion). This indicator showed an increase of 10.9% year-on-year. It is worth noting that according to LSEG data, analysts expected that the company’s revenue for the fourth quarter of 2023 would amount to 73.17 billion yuan.

Xiaomi’s result for October-December last year is largely because there is currently a trend in the smartphone market for a confident recovery in consumer activity after a long downturn. In the context of the corresponding dynamic, the company’s revenue showed growth. Xiaomi has increased smartphone sales, which has affected its financial performance.

The company’s adjusted net profit for October-December 2023 amounted to 4.9 billion yuan. This indicator showed an impressive growth of 236.1%. It is worth noting that analysts expected the company’s adjusted net profit for the fourth quarter of last year to be fixed at 3.89 billion yuan.

Xiaomi President Lu Weibing said during an earnings call that smartphone shipments in the second half of last year were higher than during the first six months of 2023. He noted that this dynamic is expected.

Lu Weibing says that the global consumer electronics market continues to be on a trajectory of gradual recovery.

Worldwide shipments of Xiaomi smartphones in the fourth quarter of 2023 amounted to 40.7 million devices. This indicator increased by 23%. Currently, the company’s share in the global smartphone market is 13%. Nowadays, Xiaomi ranks third in the world rating of the most popular mobile phone manufacturers, as evidenced by data from the research firm Canalys.

In China, which is a domestic market for the company, sales of its smartphones increased by 12% in the fourth quarter of last year, amounting to 9.5 million devices. Currently, Xiaomi is the fifth most popular mobile phone manufacturer in the mentioned country. The company’s share in the Chinese smartphone market is 13%, which is similar to the indicator at the global level.

Xiaomi was able to significantly increase sales due to the debut of a premium series of mobile phones called Mi 14. This product line was presented in October. During the first week after the launch of sales, consumers bought more than 1 million smartphones of the new series.

Xiaomi also has explicit development ambitions as a kind of multifunctional business structure present in various segments of the technology sector. The company also produces domestic appliances. Moreover, Xiaomi begins its history of presence in the automotive industry. The company is focused on the production of electric cars. The firm first announced the relevant plans in 2021.

Xiaomi intends to start shipping its first vehicles in China in March through 59 stores in 29 cities. The cost of the company’s electric vehicles is expected to be announced on March 28.

During an earnings call, Lu Weibing stated that the firm is aiming to secure third position in the segment of premium electric-powered sedans. At the same time, he did not talk about specific actions to achieve this goal.

The history of Xiaomi’s presence in the electric car market begins at a time when China is experiencing an intensification of price competition.

As we have reported earlier, Samsung to Overtake Xiaomi as India’s Top Smartphone Brand.