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Xiaomi reported $50.62 billion revenue in 2024, pledges $970 million for AIdevelopment
Xiaomi reported a record revenue of $50.62 billion for 2024, reflecting a 35% year-on-year increase, with an adjusted net profit of $3.76 billion. The company plans to invest approximately $970 million in AI development, focusing on strengthening AI infrastructure and developing new models, as part of its long-term technology strategy.
Key points
- Xiaomi's revenue reached $50.62 billion in 2024, a 35% increase from the previous year.
- Adjusted net profit was $3.76 billion, up 41.3% year-on-year, despite a loss of $860 million from innovative sectors like electric vehicles.
- The company will allocate 25% of its R&D budget, about $970 million, to AI development.
- Xiaomi's President emphasized AI, OS, and chips as core technologies for its future.
- Immediate goals include enhancing AI infrastructure and developing AI models.
Why it matters
- In 2025, AI is expected to be a key driver of technological advancement.
- Xiaomi’s investment reflects a broader industry trend of increasing focus on AI and machine learning post-2023.
- Similar investments have been seen from companies across tech sectors as competition in AI capabilities intensifies.
Xiaomi's strong financial performance and commitment to AI underscore its strategy to align with future technology trends, positioning the company for growth in a rapidly evolving digital landscape.