Xiaomi reports strong net profit growth despite slight revenue decline in 2023

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Xiaomi announced on Tuesday that it saw a 126.3% year-on-year increase in adjusted net profit to RMB 19.3 billion ($2.68 billion) in 2023, despite a slight 3.2% year-on-year decrease in total revenue to RMB 270.9 billion ($37.63 billion). In 2023, Xiaomi’s research and development expenditure surged by 19.2% year-on-year to RMB 19.1 billion ($2.65 billion), according to the financial report. The company claimed that the global monthly active users of Xiaomi’s smartphones and tablets reached an all-time high of 641.2 million by December 2023. Additionally, at the Twitter-like platform Weibo, Xiaomi CEO Lei Jun announced the unveiling of Xiaomi’s automobile factory, where directors toured the facility and test-drove the upcoming Xiaomi SU7. [IThome, in Chinese]Related