Xiaomi celebrates 19% profit growth

Smelling blood, Huawei's Chinese mobile rivals look to capitalise on its US woes

Xiaomi Rides Smartphone Shipment Surge to Post 19-Percent Jump in Profit

Melba Vasquez | 26 November, 2020, 23:52

The company rose to become the third-biggest seller of handsets in the third quarter, shipping 47.1 million units with 45 percent growth, according to consultancy Canalys.

Xiaomi Corp. posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant seized market share from Huawei Technologies Co.as American sanctions deepened.

In Q3 2020, Xiaomi's smartphone business grew significantly in both revenue and shipments, and in both mainland China and in overseas markets. Specifically, more than half of Xiaomi's third-quarter revenue came from overseas markets, which grew by 52.1 percent on a yearly basis to 39.8 billion yuan, the company said. During the 2020 Singles' Day shopping festival in China, Xiaomi ranked first in sales among Android smartphones on Tmall.com, JD.com and Suning.com. Currently, Xiaomi is leading with the highest volume of PCB shipments among other brands.

According to a report by research firm Gartner, the overall smartphone market shrank 5.7% in one year, mainly due to the covid-19 pandemic, whose impact on production lines is still being absorbed.

Xiaomi's Redmi, notably, accounted for three of the world's top 10 best-selling smartphones in the third quarter of 2020.

Revenues from outside China also grew to CNY 39.8 billion ($6.03 billion) which is up by 52.1% compared to past year. The revenue of Xiaomi's AIoT and consumer products segment reached RMB 18.1 billion ($2.75 billion), a year-on-year increase of 16.1%. The average selling price (ASP) of Xiaomi phones increased to CNY 1,022 ($155) per unit driven by sales of flagship Mi phones in Q3 2020. Its unit shipments surged 42% in the third quarter globally, researcher IDC estimated, by far the best performance among brands from Samsung Electronics Co.to Apple Inc.

Samsung's market share declined from 34.7 per cent to 31.8 per cent annually as its shipments fell 6.3 per cent to 29.6 million, but it remained comfortably ahead of the competition. The report says there are now 289 million connected IoT devices on its platform and 5.6 million users have five or more devices connected to its AIoT platform, a 59.0% increase compared to the same quarter a year ago.

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Xiaomi celebrates 19% profit growth

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