Xiaomi’s net profit increased 147% in Q2 2023

Despite the ongoing weak demand in the global smartphone market, Xiaomi has continued to make determined strides in seizing opportunities. According to Canalys data, Xiaomi’s global smartphone market share increased by 1.6 percentage points to 12.9% on a quarterly basis, with global smartphone shipments reaching 32.9 million units. According to Canalys, in the second quarter of 2023, Xiaomi’s smartphone shipments ranked among the top three in 51 countries and regions globally, and among the top five in 61 countries and regions.

As Xiaomi’s earnings continue to increase, the brand’s popularity has expanded globally. The company’s status as a top-five smartphone manufacturer in 61 countries is great. Xiaomi’s success story is not solely attributed to the enhancement of their phone offerings but also to a heightened focus on research and development. Over a span of seven years, Xiaomi’s AI team has grown six-fold, amassing a team of over 3,000 experienced AI professionals. This strategic approach has facilitated the gradual development of the Group’s AI capabilities across various domains, including visual, auditory, acoustics, knowledge graphs, Natural Language Processing (NLP), machine learning, and multimodal AI, among other areas.

Xiaomi continues to increase their net profit by not only making smartphones but also introducing brand new various ecosystem and smart devices. According to Xiaomi’s latest report, the company made significant progress in the second quarter of 2023. According to the recently published report, Xiaomi’s net profit increased by a remarkable 147% compared to the same quarter of the previous year, reaching $700 million (5.1 billion RMB). In the first half of 2023, Xiaomi’s adjusted net profit reached 8.4 billion Chinese yuan, approaching the same level from the previous year.

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Xiaomi’s increasing sales

Source: Xiaomi


Xiaomi has begun to elevate their devices to a more premium level, which is also reflected in the sales performance. The cameras, materials used, and battery features found in the Redmi Note series have been upgraded to a more premium level compared to the previous Redmi Note series, Xiaomi’s flagship devices are even better than the older generations. In the second quarter of 2023, Xiaomi achieved a 147% increase in profit compared to the previous year and managed to reduce expenses by 2.3%, demonstrating their ability to achieve higher gains while using fewer resources. Additionally, Xiaomi’s product margin has reached 21%.