Xiaomi has shared its financials for the three-month period of Q2 2018, where the company has reported a significant jump in its revenues and a surprise profit. This comes on the hill of Xiaomi’s Hong Kong initial public offering (IPO) last month.
The China-based company has reported a profit of 14.6 billion yuan (approximately $2.1 billion) in the second quarter, a significant jump compared to the last year when the company reported 11.9 billion yuan.
The company says that its sales grew 68.3 percent to 45.23 billion yuan, up from 26.9 billion yuan a year earlier. The growth in sales for Xiaomi can be attributed to the higher smartphone sales volume and higher average selling price for these devices.
Xiaomi, which is mainly known for its budget smartphones, recorded revenue of 30.5 billion yuan for its smartphone business in the second quarter, a surge of 58.7 percent compared to the same period last year. The company claimed that it managed total shipments of 32 million smartphone units in Q2 2018.
However, analysts believe that the Chinese company is eyeing for the Internet-of-Things (IoT) market. Xiaomi reported that revenue from its IoT products, which includes smart TV sets and laptop computers, increased 104.3 percent to 10.4 billion yuan. Further, it adds that revenue from internet services, which include online advertising, rose 63.6 percent to 4 billion yuan.
The company reports that 36 percent of the revenue comes from international markets. Its worldwide growth is 151 percent on a yearly basis and while the increase comes predominantly from India, the company also reports about progress in Indonesia and European countries.
In line with its dream of dominating the global markets, Xiaomi recently launched a new sub-brand name POCO in India and POCOPHONE globally. The brand will focus on premium affordable devices to take on the likes of OnePlus and Huawei’s Honor. Yesterday, it launched the first smartphone under this new brand — POCO F1, which is touted as the cheapest Snapdragon 845-powered smartphone, with price starting at Rs. 19,999, roughly $286.