Xiaomi Reports Record 2024 Revenue, Pledges $970 Million for AI Development
Chinese technology giant Xiaomi announced its full-year financial results for 2024, revealing a record-high revenue of RMB 365.9 billion ($50.62 billion), representing a significant 35.0% year-on-year increase. The company also reported a record adjusted net profit of RMB 27.2 billion ($3.76 billion), which marks a 41.3% rise from the previous year. Despite these strong overall figures, Xiaomi noted an adjusted net loss of RMB 6.2 billion ($860 million) stemming from its innovative business sectors, particularly its smart electric vehicle division. During the earnings conference, Xiaomi President Lu Weibing outlined the company's strategic future, stating that approximately one-fourth of its R&D budget, totaling around seven billion yuan ($970 million), will be allocated to artificial intelligence development. Lu emphasized that AI, operating systems, and chips are considered Xiaomi's core technologies for long-term growth. In the short term, the company aims to bolster its AI infrastructure, develop large language and multimodal models, and create practical application scenarios for deploying these AI models. This announcement underscores Xiaomi's commitment to transitioning from a hardware-focused manufacturer to a leader in advanced AI-driven technologies.
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Xiaomi Reports Record 2024 Revenue, Pledges $970 Million for AI Development
Chinese technology giant Xiaomi announced its full-year financial results for 2024, revealing a record-high revenue of RMB 365.9 billion ($50.62 billion), representing a significant 35.0% year-on-year increase. The company also reported a record adjusted net profit of RMB 27.2 billion ($3.76 billion), which marks a 41.3% rise from the previous year. Despite these strong overall figures, Xiaomi noted an adjusted net loss of RMB 6.2 billion ($860 million) stemming from its innovative business sectors, particularly its smart electric vehicle division. During the earnings conference, Xiaomi President Lu Weibing outlined the company's strategic future, stating that approximately one-fourth of its R&D budget, totaling around seven billion yuan ($970 million), will be allocated to artificial intelligence development. Lu emphasized that AI, operating systems, and chips are considered Xiaomi's core technologies for long-term growth. In the short term, the company aims to bolster its AI infrastructure, develop large language and multimodal models, and create practical application scenarios for deploying these AI models. This announcement underscores Xiaomi's commitment to transitioning from a hardware-focused manufacturer to a leader in advanced AI-driven technologies.
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