Xiaomi warns of higher smartphone prices due to surging memory chip costs

Core Insights - Xiaomi warns of potential smartphone price increases in 2024 due to rising memory chip costs, although these hikes may not fully cover the increased expenses [1][2][3] Company Performance - Xiaomi shipped 43.3 million smartphones in Q3, a 0.5% year-on-year increase, maintaining a 13.6% global market share [4] - Total revenue for Q3 rose 22.3% to 113.1 billion yuan ($16 billion), falling short of analyst estimates of 116.5 billion yuan [5] - Adjusted net profit surged 80.9% year-on-year to 11.3 billion yuan, exceeding the average estimate of 10.3 billion yuan [6] Revenue Drivers - Revenue growth was significantly driven by electric vehicles (EV), artificial intelligence (AI), and other new initiatives, which collectively accounted for 25% of total revenue [6] - The EV segment generated 28.3 billion yuan in revenue in Q3, up from 20.6 billion yuan in Q2 and 18.1 billion yuan in Q1 [7] - The company delivered 108,796 EVs in Q3, marking an increase from 81,300 in Q2, as it began shipping its second model, the YU7 electric SUV [7]