On Monday, Xiaomi Incorporated recorded robust results in the fiscal third quarter over better electric vehicle (EV) and smartphone sales.
Its stock price advanced by 6.70% to $19.11 per piece on November 18’s Asian afternoon session.
The company’s earnings per share (EPS) climbed to $0.145, surpassing the experts’ $0.140 forecast and the previous $0.144 data.
Also, its revenue jumped to $12.77 billion, falling short of analysts’ $12.82 billion outlook but higher than the $12.45 billion in the last quarter. In line with this, Xiaomi achieved the revenue gain through the robust consumer demand for its first EV, the SU7 sedan.
Moreover, the tech corporation’s net income increased by 4.40% year-over-year (YoY) to 6.30 billion yuan ($870.47 million). Correspondingly, this figure exceeds the estimates of 5.90 billion yuan ($815.20 million).
In addition, the smart EV business segment of Xiaomi generated 9.70 billion yuan ($1.34 billion) in revenue. Behind the growth is the continued positive reception of its SU7, with 39,790 deliveries in the third quarter.
At the same time, the Chinese company recorded a 16.80% YoY leap to 82.80 billion yuan ($11.44 billion). The earnings were rendered by its core operations for smartphones and Artificial Intelligence of Things (AIoT).
Meanwhile, smartphone sales worldwide ascended by 5.00% in the third quarter, supporting the period’s results.
EV Deliveries Target Raised by Xiaomi
After registering a 30.50% spike in quarter three, Xiaomi announced that it is pushing its target deliveries for its EV series. Consequently, the automaker boosted its outlook and is aiming to ship 130,000 units this year
According to Chief Executive Officer Lei Jun, the surge in demand for the SU7 convinced them to extend the forecast from the earlier 120,000 mark. Similarly, the recent figures are notably greater than the 76,000-goal set during the launch of the EV.
Furthermore, President Lu Weibing of Xiaomi stressed that they have the capacity to manufacture 20,000 automobiles every month.
