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Xiaomi Posts Revenue of RMB70.5 Billion in 2022 Q3
Hello Xiaomi Fans,
Greetings from the Xiaomi Community Bangladesh, Xiaomi News Team. Xiaomi Corporation ("Xiaomi" or the "Group"; stock code: 1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware at its core connected by an Internet of Things (IoT) platform, announced its unaudited consolidated results for the three months ended September 30, 2022 ("2022 Q3"). Xiaomi earned RMB70.5 billion in revenue during the reporting period. The adjusted net profit was RMB2.1 billion, which included RMB829 million in expenses for smart EVs and other new initiatives.
Solid improvement in performance with quarter-over-quarter growth
Xiaomi's business resilience has been bolstered by the continued execution of corporate strategies, the strengthening of the core "Smartphone x AIoT" strategy, the steady development of business operations, and the optimization of its monetization capabilities. According to Canalys, the Group maintained its third-place ranking in global smartphone shipment with a 13.6% market share.
Smartphone market share remained stable despite headwinds due to Xiaomi’s robust business model
Despite weakening global smartphone demand, Xiaomi's smartphone business has shown resilience in the face of headwinds. According to Canalys, the Group maintained its third-place ranking in global smartphone shipment, with a 13.6% market share. Smartphone shipments increased by 2.8% to 40.2 million units in the third quarter of 2022, marking the second consecutive quarter of growth.
Xiaomi remains committed to its globalization strategy, and its smartphone user base continues to grow, contributing to the strengthening of internet services' business performance and resilience. In September 2022, the global monthly active users (“MAU”) of MIUI reached 564 million. In the third quarter of 2022, it added 17.0 million MAU for MIUI globally.
Xiaomi’s overseas internet services also maintained steady growth. Revenue from overseas internet services reached RMB1.7 billion in the third quarter, an increase of 17.2% year-over-year. Its share of total internet services revenue increased to 24.2%, also a quarterly high. The overseas internet services business is also beginning to bear fruit leveraging Xiaomi’s robust business model.
Premium products gained market recognition as Xiaomi strengthened its investment in technological advancement
Technological advancement is the foundation of Xiaomi’s business. The Group relentlessly invests in research and development (“R&D”) to drive product enhancement. In the third quarter of 2022, the R&D expenses of the Group reached RMB4.1 billion, up 25.7% year-over-year. The group has also continued to expand the size of its R&D team and attracts exceptional technology talent. As of September 2022, R&D personnel accounted for approximately 48% of the group’s total employees.
Revenue from the smart large home appliance category hits a record growth in excess of 70% showcasing Xiaomi’s elevated user experience
The number of connected IoT devices (excluding smartphones, tablets, and laptops) on Xiaomi's AIoT platform reached 558.3 million on September 30, 2022, an increase of 39.5% year on year. The number of users with five or more connected devices to its AIoT platform (excluding smartphones, tablets, and laptops) has risen to 10.9 million. The MAU of its AI Assistant () reached 114.6 million in September 2022, up 9.0% year on year, and the MAU of Mi Home App reached 72.4 million, up 20.9% year on year.
Solid growth in Internet business with optimized monetization capabilities
Despite continuing challenging market conditions, particularly in mainland China, the internet services business performed well as Xiaomi expanded its user base and optimized its monetization capabilities. Internet services revenue reached RMB7.1 billion in the third quarter of 2022, up 1.4% from the previous quarter. MIUI's MAU had reached new highs both globally and in mainland China as of September 2022. MIUI's global MAU reached 564 million, an increase of 78.1 million users year over year. MIUI's MAU in mainland China increased for the eighth consecutive quarter, reaching 141.4 million, a 14.1 million user increase year on year.
Advertising revenue increased by 2.9% year over year to RMB 4.7 billion. Gaming revenue outperformed the market once more, reaching RMB1 billion, an increase of RMB100 million.
In the third quarter of 2022, the TV internet business also maintained healthy growth. Benefiting from the increasing user base and optimized content operations, revenue from TV internet services in mainland China accounted for more than 15% of total internet service revenue. The number of TV-paying subscribers amounted to 5.5 million.
Source: Xiaomi
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