Chinese tech giant Xiaomi has released its results for the third quarter of the current fiscal year.
Xiaomi announced in November 2020 that its smart TV brand has been leading the Chinese TV market for seven consecutive quarters as of the third quarter of 2020. A year later, the company continues to lead, increasing its dominance to 11 consecutive quarters. Xiaomi reportedly controls about 50% of the Chinese OLED TV market.
The financial statements show that the company has maintained a solid performance despite chip shortages and other issues that may have impacted sales. Xiaomi's total revenue was $ 12.2 billion. The year-on-year growth was 8.2%. The Chinese giant also reported an adjusted net income of $ 810 million, up 25.4% from a year earlier.
For the first three quarters, Xiaomi reported that its total R&D spending was $ 1.46 billion, an increase of 51.4%. Xiaomi also hinted that there are over 14,000 employees in the R&D department. This represents 44% of Xiaomi's entire workforce.
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