Today, Xiaomi, the Chinese multinational electronics company, unveiled its financial results for the fiscal year 2023, showing a 3.2 percent drop in revenue compared to the previous year. Despite this decline, the company showcased notable growth in various sectors, including smartphones, IoT and lifestyle products, tablets, and internet services.

In 2023, Xiaomi’s revenue amounted to RMB 270,970.1 million, down from RMB 280,044 million in the previous year. However, the company’s profit for the year stood at RMB 17,474.2 million, demonstrating resilience amidst challenging market conditions.

Notably, in the fourth quarter of 2023, Xiaomi experienced a surge in revenue, marking a 10.9 percent increase to RMB 73,243.7 million compared to RMB 66,047.4 million in the same period the previous year. The company’s fourth-quarter profit reached RMB 4,723.5 million.

Xiaomi’s smartphone division witnessed significant growth in the fourth quarter of 2023, with revenue reaching RMB 44.2 billion, marking a 20.6 percent increase and breaking a streak of seven consecutive quarters of year-over-year decline. Moreover, smartphone shipments soared to 40.5 million units, surpassing global market growth rates.

The introduction of the Redmi brand played a pivotal role in Xiaomi’s success, as the global cumulative sales volume of Redmi smartphones surpassed 1 billion units, solidifying Xiaomi’s position in the competitive smartphone market. According to Canalys, Xiaomi maintained its position as the third-largest smartphone vendor globally in 2023, with a 12.8 percent market share.

In addition to smartphones, Xiaomi’s IoT and lifestyle products exhibited growth in revenue and gross profit margin throughout 2023. Revenue from IoT and lifestyle products reached RMB 80.1 billion, with a gross profit margin of 16.3 percent, a record high for the company.

Furthermore, Xiaomi’s internet services segment saw remarkable growth, with revenue reaching RMB 30.1 billion in 2023, representing a 6.3 percent increase from the previous year. The gross profit margin for internet services also improved to 74.2 percent.

Xiaomi’s global expansion efforts were reflected in the growth of its internet user base, with both monthly active users (MAU) globally and in mainland China reaching record highs in December 2023. The company’s smart TV MAU reached 66.0 million globally, showcasing the increasing popularity of Xiaomi’s digital ecosystem.

Despite challenges in the global market, Xiaomi’s strategic focus on innovation and diversification across product segments has enabled the company to navigate uncertainties and achieve significant milestones in 2023. With a strong foundation and continued expansion efforts, Xiaomi remains well-positioned for future growth and success in the tech industry.