You might be impressed to hear that Xiaomi has reported its strongest-ever quarterly results, with earnings soaring in the first three months of 2024. The Chinese tech giant, best known for its smartphones, announced that its revenue rose by nearly 50% yearly.-
Between January and March, Xiaomi generated a revenue of 111.2 billion yuan (US$16.46 billion). That’s a 47.4% increase from the same period last year. The company also reported an adjusted net profit of 10.68 billion yuan, a 64.5% jump from the first quarter of 2023. According to Bloomberg, these results slightly surpassed analysts’ expectations, which had forecasted 109 billion yuan in revenue.
Most of this growth came from Xiaomi’s smartphone and smart devices division. That part of the business brought in 94.7 billion yuan in revenue, up 22.8% year over year. This confirms that Xiaomi continues to perform well in its core market.
New ventures in EVs and chips gain traction
Alongside smartphones, Xiaomi is now pushing ahead with new and ambitious projects. In the first quarter alone, the company brought 18.6 billion yuan from new areas like electric vehicles (EVs), artificial intelligence, and other tech innovations. Impressively, 97% of that amount—about 18.1 billion yuan—came from EV sales.
Even though these new sectors are still in their early stages, they are already making an impact. The company did report a 500 million yuan loss from these ventures during the quarter, but this is seen as a normal part of scaling up such large operations.
President and partner Lu Weibing said during Tuesday’s earnings call that these numbers reflect the company’s strongest quarterly performance ever. Xiaomi is building on the momentum it gained last year. In 2023, the company’s total revenue hit 365.9 billion yuan, up 35% compared to the previous year. Founder and CEO Lei Jun had already described that performance as the best in the company’s history.
EV deliveries and chip production show promise
If you’re curious about Xiaomi’s future, you’ll be interested to know that its investment in electric vehicles is already showing results. The company launched its SU7 EV series in March last year and rapidly grew that part of the business. In the first quarter of 2024, Xiaomi delivered 75,869 EVs. Over the full year, it delivered 136,854 units and aims to reach 350,000 EV deliveries in 2025.
At the same time, Xiaomi is making headlines in chip technology. Earlier in June, the company announced that it had started mass production of its new 3-nanometre chip, the XRing O1. This chip will power Xiaomi’s upcoming smartphones and tablets. Xiaomi is now the fourth company in the world—after Qualcomm, MediaTek, and Apple—to design a 3-nm mobile chip for mass production.
Lei Jun revealed that Xiaomi had already invested 13.5 billion yuan in developing this chip and plans to spend another 50 billion yuan over the next ten years to advance its semiconductor technology.
Meanwhile, Xiaomi’s smartphone division continues to dominate the global market. In April, it ranked as the third-largest smartphone maker in the world, trailing only Samsung and Apple. The company held a 14% market share, with global shipments growing by 3% compared to last year, according to research firm Canalys.
As Xiaomi strengthens its position in smartphones, EVs, and chips, you can expect more exciting developments from this fast-growing tech company.
