The smartphone maker posted net profit of 2.88 billion yuan during the same quarter last year, Xiaomi said in its financial report

China’s consumer electronics giant, Xiaomi reported a 20.3% year-on-year rise in its net profit at 3.47 billion yuan for third  quarter ended September 30, 2019.

The smartphone maker posted net profit of 2.88 billion yuan during the same quarter last year, Xiaomi said in its financial report.

As per the financial data submitted by Xiaomi for the Q3 2019, the company recorded 53.6 billion yuan ($7.6 billion) in total revenue representing a year-on-year increase of 5.5%.

The Beijing-headquartered company’s smartphone business generated a revenue of 32.3 billion yuan, accounting for more than 60% of total revenue. Xiaomi said its smartphone sales fell 7.8% year-on-year as higher sales of smart-home devices offset weaker smartphone revenue.

Xiaomi’s revenue from the internet of things (IoT) and lifestyle products business stood at 15.6 billion yuan, registering a 44.4% rise on a yearly basis.

During the quarter under review, the company’s average selling price (ASP) of phones in mainland China increased 4.6% year-on-year.

Overall revenue from overseas markets grew 17.2% to 26.1 billion yuan, Xiaomi said.

The Chinese tech company sold 32.1 million handsets globally during the period, making it the world’s fourth-largest smartphone seller with a 9.2% market share. Its global shipments of smart TVs rose 59.8% to 3.1 million units, as per the earnings report.

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