Futu News reported on May 23 that Xiaomi announced its results for the first quarter ending March 31, 2024. The financial report shows:

• Revenue of 75.507 billion yuan (RMB, same below), increased 27.0% year over year;

• Adjusted net profit was $6.491 billion, up 100.8% year on year.

Looking at it by business,

• smartphones

Smartphone segment revenue increased 32.9% from RMB 35 billion in the first quarter of 2023 to RMB 46.5 billion in the first quarter of 2024, mainly due to increased smartphone shipments.

Smartphone shipments increased 33.7% from 30.4 million units in the first quarter of 2023 to 40.6 million units in the first quarter of 2024, greatly exceeding the 9.8% year-on-year increase in global smartphone shipments in the first quarter of 2024 (according to Canalys data). Smartphone ASP increased year-on-year in mainland China and overseas markets, respectively. However, due to ASP's lower share of revenue in overseas markets, the overall ASP for smartphones decreased slightly by 0.6% from RMB 1,151.6 per unit in the first quarter of 2023 to RMB 1,144.7 per unit in the first quarter of 2024.

• IoT and consumer products

Revenue from the IoT and Consumer Products segment increased 21.0% from RMB 16.8 billion in the first quarter of 2023 to RMB 20.4 billion in the first quarter of 2024, mainly due to increased revenue from tablets, smart appliances and wearables. Tablet revenue increased 70.5% year over year, mainly due to the 92.6% year-on-year increase in Xiaomi's tablet global shipments (according to IDC statistics).

Revenue from major smart appliances increased 46.0% year over year, mainly due to increased shipments of air conditioners, refrigerators and washing machines in mainland China.

Smart TV and laptop revenue in the first quarter of 2024 remained stable compared to the first quarter of 2023.

• internet service

Revenue from the Internet Services segment increased 14.5% from RMB 7 billion in the first quarter of 2023 to RMB 8 billion in the first quarter of 2024, mainly due to increased revenue from the advertising business, which was partially offset by a decrease in revenue from the gaming business. Continued growth in the number of overseas Internet users increased overseas Internet service revenue by 39.0% from RMB 1.8 billion in the first quarter of 2023 to RMB 2.5 billion in the first quarter of 2024.

• other

Revenue from other segments in the first quarter of 2024 remained stable at RMB 600 million compared to the first quarter of 2023.

About the automotive business

As of April 30, 2024, the cumulative number of lock orders for the Xiaomi SU7 series reached 88,063 vehicles. As of May 15, 2024, the total number of new Xiaomi SU7 series vehicles delivered reached 10,000. Xiaomi said the company's goal is to deliver more than 10,000 new Xiaomi SU7 series cars in a single month in June 2024.

Furthermore, it is planned that by the end of 2024, Xiaomi Auto's sales and service network will reach 219 sales stores, covering 46 cities; 143 service centers, covering 86 cities, basically covering all provinces in mainland China (including autonomous regions and municipalities directly under the Central Government).

Click to make an appointment: Xiaomi Group 2024Q1 results live