Xiaomi's total revenue for the third quarter reached RMB 72.2 billion, up 34.5% year-on-year, the highest growth rate since the third quarter of 2018, according to the company's financial report released today.
Xiaomi's adjusted net profit reached RMB 4.1 billion in the third quarter, up 18.9% year-on-year. According to Xiaomi, its "Mobile X AIoT" strategy achieved remarkable results during the quarter.
Xiaomi's smartphone segment revenue reached RMB 47.6 billion in the third quarter, up 47.5% year-on-year, and smartphone shipments increased by 45.3% to 46.6 million units.
Citing data from Canalys, Xiaomi said that the company's shipments grew at the highest year-on-year rate among the world's top five vendors and that it overtook Apple to move up to No. 3 in global smartphone shipments in the third quarter.
The unit price of Xiaomi's smartphones also increased, with the average selling price of smartphones reaching RMB 1,022.3 yuan in the third quarter, up from RMB 1,006.5 yuan a year earlier, but down from the previous quarter.
Xiaomi's AIOT revenue reached RMB 18.1 billion in the third quarter, up 16.1% from the same period last year. Revenue from overseas IOT and consumer lifestyle products rose by 56.2% year-on-year, a record high for the quarter.
As of September 30, the number of connected devices (excluding smartphones and laptops) on Xiaomi's AIoT platform reached 2,895,000, up 35.8% year-on-year.
The number of monthly active users of the AI assistant "Xiao AI" reached 78.4 million, up 35.5%, while the number of monthly active users of the MI Home App reached 43.1 million, up 34.2%.
Xiaomi's quarterly revenue from its Internet business reached 5.8 billion yuan, up 8.7% year-on-year, down from 41.1%, 38.6% and 29% in the previous three quarters.
Xiaomi's revenue from overseas markets reached RMB 39.8 billion in the third quarter, up 52.1% year-on-year, with overseas revenue and its contribution to total revenue reaching record highs.
According to Canalys, in the third quarter of 2020, Xiaomi's smartphone shipments in Western Europe increased by 107.3% year-on-year, with a market share of 13.3%, and its ranking in the region rose to the top three.
In the Spanish market, Xiaomi ranked first in smartphone shipments for the third consecutive quarter, with a market share of 33.9%.
In France, Italy, and Germany, Xiaomi achieved rapid year-on-year growth of over 100% in smartphone shipments.
Xiaomi shares traded in Hong Kong went up 111 percent since July.