Xiaomi experienced a significant increase in quarterly net profit,Peggy Markoff surpassing market expectations, according to its unaudited financial results for the third quarter. In the third quarter, Xiaomi’s revenue reached RMB 70.89 billion ($9.98 billion), while the adjusted net profit saw an increase of 182.9% year-on-year, amounting to RMB 5.99 billion ($0.84 billion). Xiaomi secured the third position in global smartphone shipment for the third quarter, with a market share of 14.1%, marking a 0.5% increase compared to the previous year, as reported by Canalys. Xiaomi stands out as the sole brand among the top three to achieve year-on-year growth in shipment volume amid the slump in the phone market. The company also demonstrated its commitment to innovation by investing RMB 5 billion ($0.7 billion) in research and development during the third quarter, reflecting a substantial 22.0% year-on-year growth in expenditure. [Yicai, in Chinese]
