Xiaomi's Overseas Smartphone Sales Reach 7.6 Trillion KRW in Q3, Accounting for Half of Total

[Asia Economy Reporter Eunmo Koo] Xiaomi showed strong smartphone sales in the third quarter of this year, accounting for more than half of its total revenue.

Xiaomi announced on the 24th that its third-quarter revenue reached 78.1 billion yuan (approximately 14.532848 trillion KRW), an 8.2% increase compared to the same period last year, and its adjusted net profit rose 25.4% to 5.2 billion yuan (approximately 967.616 billion KRW).

Overseas smartphone sales in the third quarter amounted to 40.9 billion yuan (approximately 7.6107 trillion KRW), accounting for 52.4% of total revenue. According to market research firm Canalys, Xiaomi ranked first in smartphone shipment market share in 11 countries and regions, and was among the top five in 59 countries and regions worldwide in the third quarter.

In particular, Xiaomi secured second place in Europe with a 21.5% market share. It ranked third in Western Europe with 17.0% and second in Eastern Europe with 28.7%. Additionally, excluding India, Xiaomi sold more than 6.8 million smartphones through carrier channels overseas, achieving over 130% growth compared to the same period last year. The carrier channel market share in Western Europe increased from 4.6% in the third quarter of last year to 13.0% in the third quarter of this year.

Its competitiveness in emerging markets also strengthened. In the third quarter, market shares in Latin America, the Middle East, and Africa reached 11.5%, 16.3%, and 7.3%, respectively. Xiaomi also maintained its number one position in smartphone shipments in India for 16 consecutive quarters.

Xiaomi Group's global smartphone shipments reached 43.9 million units. In the third quarter, Xiaomi ranked third with a 13.5% market share in smartphone shipments. The Group's smartphone revenue totaled 47.8 billion yuan (approximately 8.8946 trillion KRW), and its gross profit margin increased by 4.4 percentage points year-on-year to 12.8%.

Xiaomi stated, "During the third quarter of this year, we continuously strengthened our core 'Smartphone × AIoT' strategy and entered the premium smartphone market, achieving the number one position in smartphone shipments in 11 countries and regions. We will continue to invest in research and development to support the core competitiveness of our products."