While the COVID 19 pandemic has been hitting hard on companies all over the world, Chinese tech giant Xiaomi has shared a couple of infographics showing its progress in the second quarter of the year.
Of particular note is the massive jump in the number of monthly active users (MAU) for MIUI which increased from 279 million in June 2019 to a whopping 343 million persons in June 2020. The infographics also show that the number of Xiaomi devices that are connected to the company’s IoT platform reached 271 million. Mi Home app monthly active users peaked at 40.8 million, a growth of 34.1% YoY.
Xiaomi’s revenue also surged as the company’s gross revenue in the second quarter is estimated to be 53.5 billion yuan (US$7.8 billion) with an impressive net profit of 3.4 billion yuan (US$494 million). The brand’s overseas business contributed 23 billion yuan which is almost half of the entire revenue in the quarter.
The smartphone market still remains Xiaomi top revenue earner. In Q2 2020, an estimated 28.3 million smartphones were shipped with the Mi 10 series acting as a major catalyst in that regard. The company revealed that it sold over one million Mi 10 phones within the first two months. The series still continues to bring success the brand’s way as the Mi 10 Ultra with its DXOMark top-ranking camera having the potential to knock off all other flagship options in China. During its first sale in China, Xiaomi raked in 400 million yuan (US$58 million) in sales in just 10 minutes. If Xiaomi should accede to the demand of its fans to release the phone in the global market, we just might see another record being set in the final quarter.
Apart from the flagship segment, the Redmi series also contributed its own fair share to the company’s growing revenue. The Redmi 9 series and Redmi K30 Ultra have also proven to be strong releases which will help the company cement its position as the fourth-largest smartphone brand globally.
Xiaomi prides itself as not just a smartphone manufacturer but as an internet company. Its tentacles extend into wearable, hearables, smart TV and other smart home and ecosystem products. Xiaomi has repeatedly dominated the smart TV market in India and China. The brand continued its dominance in China buoyed by the launch of the Mi TV Master Series and just this month, the company added the Mi TV LUX transparent TV. Xiaomi is presently ranked among the top 5 smart TV brands in the world and occupies the number one spot in China. The brand reported an estimated 2.8 million smart TVs were shipped in Q2 2020, with the company spreading its tentacles to new markets like Poland, France, and Italy with its Mi TV lineup.
One of the markets where Xiaomi’s progress continues to resonate is in Europe. In Q1 2020, the company’s market share grew 145% YoY to rank as the third-largest phone brand in the old continent ahead of Huawei. In Q2 2020, Xiaomi continued its impressive run as it is ranked first in Spain, second in France, and fourth in Germany and Italy in terms of smartphone shipments.
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