Chinese manufacturing giant, Xiaomi, recently released its financial report for Q3 2019. The company posted a revenue of 53.66 billion yuan ($7.6 billion) which is a 5.53% increase year-on-year. Its net profit hit 3.472 billion yuan ($494 million), a year-on-year increase of 20.3%. In the smartphone segment, its revenue is 32.3 billion yuan ($4.5 billion). In the third quarter of 2019, smartphone sales hit 32.1 million units. Furthermore, the gross profit margin of smartphones increased from 8.1% in Q2 to 9.0% in Q3 2019.
According to Xiaomi, it's business strategy is stable and it is maintaining healthy cash flow. Its inventory levels are also reasonable and it continues to improve profitability. Due to the successful development of the mid- to high-end market, the average selling price (ASP) of Xiaomi phones in mainland China increased by 4.6% year-on-year.
The revenue for IoT and consumer products is 15.6 billion yuan ($2.2 billion), a year-on-year increase of 44.4%. As for smart TVs, its global shipment hit 3.1 million units, a year-on-year increase of 59.8%. For Q3 2019, Xiaomi's IoT connected devices exceeded the 200 million mark for the first time. This value excludes devices like smartphones and notebooks. In September 2019, Xiaomi's AI assistant (Xiao Ai) has 57.9 million monthly active users in September, a year-on-year increase of 68.6%.
In addition, the number of monthly active MIUI users is now 292 million as of September 2019. This is a 29.9% increase year-on-year. For its foreign business, its revenue hit RMB 26.1 billion, a year-on-year increase of 17.2%. Revenues from foreign markets account for 48.7% of Xiaomi Group's total revenue. Furthermore, Xiaomi mobile phone shipments in Western Europe surged 90.9% year-on-year. It currently ranks second in the Spanish smartphone market with a 22.9% market share.
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