Xiaomi enjoys a 147 percent Adjusted Net Profit surge in Q2 2023
Xiaomi has recently revealed its unaudited consolidated results for Q2 2023.
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| File photo: Xiaomi 13 Pro rear Leica cameras |
Xiaomi Q2 2023 growth!
According to the company, they have achieved robust profit and business growth with multiple operating metrics hitting historical highs.
In particular, the company enjoyed a total revenue of CNY (RMB) 67.4 billion or a quarter-on-quarter (QoQ) growth of 13.2 percent. Its adjusted net profit reached CNY 5.1 billion "YoY" (around PHP 39.7 billion) or a growth of 147 percent.
Xiaomi said that this is its highest quarterly profit since the fourth quarter of 2021.
In the first half of 2023 alone, Xiaomi's adjusted net profit reached CNY 8.4 billion, or near the level of last year's adjusted net profit.
The technology giant said that they have achieved this feat by executing a key corporate strategy called "dual emphasis on scale and profitability" and with its smartphone premiumization move.
The group's profit margin has also reached a record high of 21 percent which marks an improvement in the gross profit margins across all three business segments, including smartphones, IoT and lifestyle products, and internet services.
The company has also been actively improving internal efficiency and overall performance as it continues to reduce cost, enhance efficiency, further optimize inventory management measures, and further consolidate the Group's long-term and sustainable development.
Xiaomi revealed the during the quarter its overall expenses were CNY 10.2 billion, down 2.3 percent YoY.
Meanwhile, the aggregate amount of cash resources of the group reached a new record high of over CNY 13.2 billion. This shows that the company has a "healthy" and "efficient" operating model.
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