Tech giant Xiaomi posts 20 per cent profit growth in Q3

China's tech giant Xiaomi reported 20.3-per cent adjusted net profit growth in the third quarter of this year.

Its adjusted net profit reached 3.5 billion yuan ($498 million) while total revenue rose 5.5 per cent year on year to 53.7 billion yuan, the Beijing-headquartered company announced on Wednesday in its quarterly financial results, the Xinhua news agency reported.

Xiaomi's overseas business continued to grow rapidly, with revenue rising 17.2 per cent year on year to 26.1 billion yuan and accounting for 48.7 per cent of the total revenue.

Its smartphone business generated a revenue of 32.3 billion yuan. Xiaomi had a 9.2-per cent share of the global smartphone market in the third quarter, according to market research firm Canalys.

The revenue from IoT and lifestyle products business was 15.6 billion yuan, up 44.4 per cent. The global shipments of Xiaomi smart TVs rose 59.8 per cent to 3.1 million units.