Xiaomi Surges Ahead: Q1 2024 Report Shows Strong Revenue Growth, Steady Expansion in Premium Segment, and Promising Start in the Auto Domain
Xiaomi has released the unaudited consolidated results of the company and its subsidiaries for the three months ended March 31, 2024. As per the Q1 2024 results, the company has achieved significant growth in revenue and profitability. The company reported a total revenue of RMB 75.5 billion an increase of 27.0% year-over-year and net profit, increased by 100.8% year over-year to RMB6.5 billion which includes RMB2.3 billion in expenses related to our smart EV and other initiatives by the company. It has seen global smartphone shipments increase by 9.8% year-over-year in the first quarter while its IoT and lifestyle products revenue grew 21.0% year-over-year. Xiaomi is also improving in the premium segment with premium smartphone shipments in the first quarter of this year reaching up to 21.7% of the total smartphone shipment, definitely a slow growth but steady.
The key highlights of the smartphones are as follows in the report.
- Smartphone shipments have ranked in the top three globally for 15 consecutive quarters
- Smartphone shipments ranked among the top three across 56 countries and regions globally
- Smartphone shipments ranked among the top five across 67 countries and regions globally
In terms of global smartphone shipment company maintained its third position in the first quarter. It saw a massive rise in global monthly active users which is an increase of 10.6% year-over-year. The company’s recent venture in the auto domain led to the launch of the Xiaomi SU7 series which is reported to have received an overwhelming response from buyers with locked-in orders for the Xiaomi SU7 Series reaching 88,063 vehicles till April 30. The company is no doubt a new player in this domain among competitors like Tesla, and Li Auto in China though its recent venture has heated the market whose heat could be sensed by the drop in earnings of Li Auto in the first quarter
