Xiaomi reported $50.62 billion revenue in 2024, pledges $970 million for AI development

Xiaomi on Tuesday released its full-year financial earnings for 2024, announcing a record-high revenue of RMB 365.9 billion ($50.62 billion), a 35.0% year-on-year increase. The company’s adjusted net profit also hit a record RMB 27.2 billion ($3.76 billion), up 41.3% year-on-year, including an adjusted net loss of RMB 6.2 billion ($860 million) from innovative businesses such as smart electric vehicles. At Xiaomi’s 2024 earnings conference, Xiaomi President Lu Weibing said that the company will allocate around one-fourth of its R&D (research & development) budget, around seven billion yuan ($970 million), toward AI. In the long run, AI, OS, and chips are regarded as Xiaomi’s core technologies, Lu said. In the short term, Xiaomi aims to strengthen its AI infrastructure, develop large language models and multimodal models, and build application scenarios for AI model deployment, Lu added. [Xiaomi Annual Report]