Xiaomi reached a new landmark with the Q3 2020 financial report
It hasn’t been an impressive year for any business with the COVID-19 pandemic, which crippled sales and also reduced demands. But things for some months have opened up a bit, which has increased demand, and according to the latest Xiaomi financial report for Q3 2020, it shows the company has reached a new landmark.
Total of 46.6million smartphone shipment 
Xiaomi financial report for Q3 2020 
AIoT grew as well
Xiaomi, being the third-largest smartphone producer, last week released its latest financial report for Q3 2020. The period covered in this report was from July to September 30. According to the report, Xiaomi shipped a total of 46.6 million smartphones, which saw its revenue hit ¥47.6 billion (~$7.2 billion). The company grew its shipment by 45.3%, going by the report from this time last year.
Total revenue is up to ¥72.2 billion (~$10.9 billion), and if compared to last year’s result, showed an increase of 34.5%. The company’s net profit also increased to ¥ 4.1 billion (~$621), while an average selling price of Xiaomi phones grew to ¥1,022 (~155) per unit in sales. It was the commemorative Mi 10 Ultra edition that drove sales as of Q3 2020.
Xiaomi, as a company that also makes and markets AIoT, also saw a big improvement in that area. According to the financial report, a total of 289 units of IoT are now connected to the company’s AIoT platform. The platform saw an increase of 36.8% YoY growth, with the revenue climbing to ¥18.1 billion ( ~$2.7 billion).
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The company is also growing fast on the global market and currently leads in some key markets across Europe and Asia. These markets have helped to grow Xiaomi’s business outside of China to ¥39.8 billion (~$6.03 billion), and when compared with last year’s result, it shows a massive 52.1% improvement. For more information on Xiaomi’s latest financial report, check the source link.
