Active Stocks
Mon Dec 04 2023 15:47:26
  1. Power Grid Corporation Of India share price
  2. 212.9 1.21%
  1. Reliance Industries share price
  2. 2,421 1.15%
  1. State Bank Of India share price
  2. 594.65 3.99%
  1. HDFC Bank share price
  2. 1,609.05 3.44%
  1. Tata Steel share price
  2. 130.95 0.77%
Business News/ Companies / Company Results/  Xiaomi posts first sales rise since 2021 as phone market firms
Back Back

Xiaomi posts first sales rise since 2021 as phone market firms

Amid rebound in global demand of mobile phones, Xiaomi Corp, posted its first revenue gain in almost two years. The company posted sales of 70.9 billion yuan for the September quarter, compared to the average projections for 70.5 billion

Chinese mobile manufacturer, Xiaomi Corp. posted its first revenue gain in almost two years (REUTERS)Premium
Chinese mobile manufacturer, Xiaomi Corp. posted its first revenue gain in almost two years (REUTERS)

Xiaomi Corp. posted its first revenue gain in almost two years, a welcome boost for a smartphone maker that’s begun aggressively attacking its Chinese rivals with higher-end models at home and abroad.

It posted sales of 70.9 billion yuan ($9.9 billion) for the September quarter, versus average projections for 70.5 billion. Net income was 4.9 billion yuan, compared with the average estimate of 4.3 billion yuan.

Also read:  Xiaomi reveals its first electric car SU7

Xiaomi is emerging from a years-long funk, when global demand for smartphone and other electronics cratered and rivals from Huawei Technologies Co. to Apple Inc. and Oppo encroached on its once-dominant position. But the recent launch of a well-received line of flagship Xiaomi 14 phones could rejuvenate growth during the holidays in China, despite an uncertain consumer economy.

Also Read: Xiaomi enters the electric vehicle market with SU7: Here's everything you need to know

There’re growing signs the global smartphone market may finally be climbing out of a trough. Xiaomi and Huawei led an 11% jump in October smartphone sales in China, though that’s coming off a severe Covid-era comparison. Huawei, which in August made waves with the Mate 60 Pro nationwide, accounted for the bulk of that rebound.

Also Read: Xiaomi to bring down India headcount to below 1,000: Report

Investors are betting that Xiaomi will be among the biggest beneficiaries of any rebound. It’s gained about $19 billion of market value since a June low on excitement over its latest handset as well as mounting anticipation over a foray into electric vehicles.

Also Read: Xiaomi reports better-than-expected profit in smartphone market

Xiaomi sold more than one million of its latest 14 series devices in their first week in October, Chairman Lei Jun wrote in a Weibo post. And last week, the public got a first glimpse of its envisioned five-seater sedan after Beijing approved the vehicle’ roadworthiness. While it’s unclear if Xiaomi still needs additional licenses for that EV project to proceed, the car will be manufactured by state-owned Beijing Automotive Group Co.

Xiaomi’s latest HyperOS system connects its products from smartphones to TVs. The heavily tailored Android-based platform could also link EVs, the much-watched new product line that co-founder Lei has touted as his last startup endeavor.

The company, best known for razor-thin profit margins on high-spec smartphones and household electronics, is looking to make a move into the crowded space, but that entails significant amounts of time and money. To offset the heavy investments required, Xiaomi has tried to keep a lid on costs such as marketing.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

This story has been published from a wire agency feed without modifications to the text.

Catch all the Elections News, Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 20 Nov 2023, 04:10 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App