Led by the response to its latest flagship series, Xiaomi reports strong smartphone sales during Q4،
Xiaomi, the Chinese smartphone maker known for its value-for-money philosophy, hasn't flirted with the United States in years. If you've been a long, long, long time
TelephoneArena Reader, you may recall that the company, known at the time as the “Chinese Apple,” was hinting at the possibility of bringing its smartphones to the United States. In 2016, after the company hired Googler Hugo Barra, he said:
Xiaomi couldn't afford to stay outside the US This turned out to be false.
Even without offering its phones directly to U.S. consumers, Xiaomi is doing big business, as its recent fourth-quarter numbers show. Helped by strong smartphone sales,
Reuters reports that the company beat estimates by reporting the equivalent of $10.17 billion in revenue during the October-December period, a year-over-year gain of 10.9%. Xiaomi's smartphone shipments in the final quarter of 2023 increased 23% to 40.7 million handsets. Research firm Canalys calculated Xiaomi's global market share at 13%, placing it third behind Apple and
Samsung.
Xiaomi reported a sharp 236.1% increase in fourth-quarter profits
In China, Xiaomi was fifth in market share in the fourth quarter; the company's 13% market share in its home country was accompanied by a 12% increase in smartphone shipments, to 9.5 million units. Xiaomi President Lu Weibing told listeners in a conference call: “As previously expected, overall smartphone shipments in the second half of 2023 were better than the first half. The global consumer electronics market continues to show a gradual recovery trend. »
The early October release of its flagship Xiaomi 14
series, which sold a million units just a week after its release, helped Xiaomi post a strong fourth quarter. Diversification into the home appliances market has also helped the company thrive and this month it will
start delivering its first electric vehicles (EVs) to 59 Xiaomi stores in 29 cities. On March 28, the company will hold an event to showcase its electric vehicles, with pricing expected to be announced at the event.
During the fourth quarter of 2023, Xiaomi made a net profit equal to 680.63 million US dollars. Not only does this number beat estimates, but it also represents a whopping 236.1% year-over-year increase.
