China smartphone and electronic product manufacturers Xiaomi achieve quarterly profit, thanks to both improved profit margins of smartphone business and IoT and living consumer products business.
The Wall Street Journal reported that Xiaomi Monday (November 20) stated that the net profit in the third quarter was 4.87 billion yuan (RMB, the same below, about 931 million yuan).1.47 billion yuan.The latest results exceeded FACTSET's expected 4.52 billion yuan in analysts.
Xiaomi said that revenue increased by 0.6%to 70.89 billion yuan, achieving the first year -on -year increase in six quarters.
The company said that smartphone business revenue was 41.6 billion yuan, and global smartphone shipments were 41.8 million units, an increase of 4.0%year -on -year.
Xiaomi gross profit margin increased from 21.0%in the second quarter of 2023 to 22.7%in the third quarter of 2023.The gross profit margin of the smartphone division was 16.6%, an increase of 7.7 percentage points because of the improvement of product portfolios, decreased inventory of overseas market inventory, and decline in core component prices.
The gross profit margin of Xiaomi IoT and living consumer products is 17.8%, an increase of 4.3 percentage points year -on -year.
