Xiaomi reported a 9.9% increase in net profit to 5.35 billion yuan, equivalent to $740 million, better than the 4.47 billion yuan estimated by analysts in a Visible Alpha poll. After adjusting for share-based compensation and other items, its quarterly profit was 6.25 billion yuan, up 4.3% from a year earlier.
The Beijing-based company’s revenue rose 30% to 92.51 billion yuan, it said. Sales from its smartphone business, its biggest revenue driver, climbed 14% to 47.5 billion yuan.

Revenue from its IOT and lifestyle product segment, which includes tablets, television sets and laptops, jumped 26% to 26.1 billion yuan. .
Revenue from internet services increased 9.1% to a record 8.5 billion yuan as monthly active user numbers rose to record highs in its domestic and overseas markets.
Xiaomi generated 9.7 billion yuan in revenue from its EV business in the third quarter, with the segment’s gross profit margin improving to 17.1% from 15.4% in the second quarter.

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