Xiaomi said revenues and adjusted net profit reached historic highs in the first quarter, boosted by the strong growth of smartphone shipments. In the quarter, the company said it continued scaling its AIoT platform and started exploring new opportunities, including an official foray into the smart electric vehicle business. Xiaomi shipped 4 million devices priced at or above CNY 3,000 in mainland China and EUR 300 or equivalent in overseas markets. The global shipment of smart TV reached 2.6 million units.
Revenues for Q1 lifted 54.7 percent from the year before to USD 76.9 billion, while the adjusted net profit leaped almost 164 percent to CNY 6.1 billion. Revenues from the company’s smartphone business increased by just under 70 percent to CNY 51.5 billion. Revenues from IoT and lifestyle products, including the Mi Box, went higher by 81.1 percent. The number of connected IoT devices to Xiaomi’s AIoT platform meanwhile went to 351.1 million, excluding smartphones and laptops. The number of users with five or more devices connected to the AIoT platform reached 6.8 million, up 48.9 percent.
The group’s internet services segment grew 11.4 percent to CNY 6.6 billion. The company had 425.3 million monthly active users for its Miui OS, up 28.6 percent from the year before. For mainland China, the company added 7.7 users for Miui in the year, for a total of 118.6 million.
