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Highlights Xiaomi's Q4 revenue hits $10.17 billion, a 10.9% increase year-over-year. Smartphone shipments soar by 23% to 40.7 million units. Net profits surge to $680.63 million, marking 236.1% growth. Company expands into Electric Vehicle market, with launches in 29 cities. Xiaomi, the tech giant often compared to Apple in its early days, has reported a significant surge in its fourth-quarter revenue and profits, despite its historical hesitation to enter the U.S. market. According to Reuters, the company's strategy of focusing on markets outside the United States has paid off handsomely, with impressive sales figures and a substantial increase in profits highlighting its recent financial performance. Impressive Financial Milestones Impressive Financial Milestones During the October-December period, Xiaomi announced revenues of approximately $10.17 billion, marking a 10.9% increase compared to the same period last year. The company's smartphone shipments witnessed a remarkable 23% rise to 40.7 million units, securing Xiaomi a 13% share of the global market and positioning it as the third-largest smartphone manufacturer behind giants Apple and Samsung. The final quarter of 2023 was particularly lucrative for Xiaomi, with the company reporting net profits of around $680.63 million, a staggering 236.1% growth year-over-year. This financial triumph was primarily fueled by the enthusiastic reception of its latest flagship series, the Xiaomi 14, which achieved one million sales within just a week of its launch. Expanding Beyond Smartphones Expanding Beyond Smartphones Xiaomi's success isn't solely attributed to its smartphones. The company has wisely diversified its portfolio to include domestic appliances, and it's making bold strides into the Electric Vehicle (EV) market. With deliveries of its first EVs set to commence through 59 Xiaomi Stores across 29 cities, an upcoming event on March 28th promises to reveal pricing details for these eagerly anticipated vehicles. In its home market of China, Xiaomi ranked fifth in terms of market share during the fourth quarter, boasting a 13% market share and a 12% increase in smartphone shipments to 9.5 million units. Xiaomi President Lu Weibing noted the improvement in overall smartphone shipments in the second half of 2023 compared to the first half, attributing it to a gradual recovery trend in the global consumer electronics market. FAQs What contributed to Xiaomi's financial success in Q4? Xiaomi's Q4 financial success was driven by a 23% increase in smartphone shipments, resulting in $10.17 billion in revenue and a significant profit growth, largely fueled by the Xiaomi 14 series' strong sales. How does Xiaomi rank globally in the smartphone market? With a 13% global market share and 40.7 million smartphones shipped in Q4, Xiaomi is the third-largest smartphone manufacturer worldwide, trailing behind Apple and Samsung. What new venture is Xiaomi entering? Xiaomi is expanding beyond smartphones into the Electric Vehicle (EV) market, with its first EV deliveries set to start through 59 Xiaomi Stores across 29 cities. When will Xiaomi reveal its EV pricing? Xiaomi plans to introduce its EVs and announce pricing details at an event on March 28th, marking a significant step into a new market segment. How did Xiaomi perform in the Chinese market in Q4? In China, Xiaomi ranked fifth in market share during Q4, with a 13% share and a 12% increase in smartphone shipments to 9.5 million units, indicating strong performance in its home market. Also Read: Xiaomi Sold Over 3 Million Redmi 12 Units in India Also Read: Huawei and Xiaomi Overtake Apple in Singles Day Sales

smartphone market

Xiaomi Reportedly Achieves Record Q4 Sales and Expands into EV Market

Apple Overtakes Samsung in Global and European Smartphone Markets in 2023

Apple iPhone 14 Pro Max Clinches Top Spot in Global Smartphone Sales for 2023: Canalys Reports

Apple Claims Top Spot as World’s Largest Smartphone Manufacturer, Omdia Reports

Samsung Galaxy S24 Series Sets New Pre-Order Records in South Korea and India

India’s Smartphone Market Shows Resilience in 2023 Despite Slight Decline: Canalys