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Xiaomi Posts Record Revenue And Profit Results For Q1

Xiaomi has posted a record high quarter for the first three months of 2021, results it says “far-exceeded market expectation.”

Total revenue for the period amounted to AUD$15.55 billion, representing an increase of 54.7 per cent year-over-year, while adjusted net profit was AUD$1.23 billion, a massive increase of a 163.8 per cent year-over-year.

“During the first quarter of 2021, both our total revenue and adjusted net profit reached record highs in the quarter, demonstrating the robustness of our business model and the strong execution of our strategies,” Xiaomi Corporation said in a statement.

“The strong growth of smartphone shipments drove a continued expansion of our global user base. Our AIoT platform has continued to scale in tandem across the world. Besides the solid growth in our existing business lines, we are also continuing to explore new opportunities and broadening our business horizon.

“In March 2021, we unveiled our new branding identity and also announced our official foray into the smart electric vehicle business, setting the course for an exciting journey that will ensure a bright future for the company in the coming decade.”

Xiaomi maintained its third position in terms of smartphone shipments globally during the quarter, registering a market share of 14.1 per cent. Revenue in this market grew by 69.8 per cent year-on-year, to AUD$10.41 billion. Xiaomi shipped 49.4 million smartphones during this period.

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