Yesterday, Xiaomi released its unaudited financial report for H1 2020. According to it, the Chinese company generated RMB103.24 billion in revenue with 7.9% YoY growth. Further, Its gross profit was approximately RMB15.26 billion, whereas profit for the period was approximately RMB6.65 billion. As per the company. both of them increased 22.3% YoY and 29.3% YoY beating market consensus. What’s interesting is the firm managed to achieve this feat despite COVID-19 global pandemic.
Apart from making a profit in the period, Xiaomi once again made the Fortune Global 500 list in the same duration. Last year, the firm ranked 468 and was the youngest company on the list. This year, its ranking improved by 46 places; thus came 422nd.
The company revealed in an official press release that it generated RMB61.952 billion and RMB31.628 billion from smartphone sales in the first and second quarters of 2020 respectively. As a whole, it shipped a total of 28.3 million smartphones in H1 2020.
According to Canalys, Xiaomi even ranked as the world’s 4th largest smartphone brand with a market share of 10.1% in Q2 2020. Due to the increase in sales (99.2% YoY) of devices priced €300 and above, the company’s average selling price (ASP) increased to an all-time high of 1116.3 yuan ($162) by 11.8% YoY and 7.5% QoQ respectively.
The firm’s revenues from international markets were RMB48.861 billion and RMB24.029 billion for the first half and the second quarter of 2020 respectively. In Q2, it ranked among the top 5 in 50 markets and top 3 in 25 of these countries/regions.
UP NEXT: Xiaomi sees marginal growth in India despite production restrictions
