Xiaomi has just shared a new financial report that shows the results for the second quarter of this year. During this period, the company saw a record high growth in revenue, which grew by a sizeable 64 percent year on year.

The Chinese tech giant shared the news on its blog on the official website while the company’s Founder and CEO Lei Jun also shared some key figures on his Twitter handle. In the quarter than ended on June 2021, Xiaomi saw a 64 percent growth over the same period back in 2020. Furthermore, even its net income rose by a significant 80 percent year on year as well. The brand also stated that its smartphone business’ revenue reached 9.1 billion US Dollars.

The company saw this notable jump thanks to its 52.9 million smartphone sales unit in the second quarter, which even had it overtake the Cupertino based giant Apple to become the second largest smartphone maker. During Q2 2021, Xiaomi generated 87.8 billion Yuan in total revenue (roughly 13.5 billion US Dollars) along with 6.3 billion Yuan in net profit (roughly 971 million US Dollars). Furthermore, it even managed to ship over 12 million premium grade flagship smartphones out of its total 52.9 million units sold in Q2.

The brand’s lead the IoT product and services markets in 22 countries and ranked 1st in Europe and Southeast Asia for the first time. Its overseas IoT and Lifestyle products also saw a revenue growth of 93.8 percent year on year, while its overseas internet services revenue also grew by 96.8 percent as well. Notably, the company even invested heavily in this quarter, which rose by 56.5 percent from the previous year.

In June 2021, the company also recorded 454 million active monthly users for its MIUI platform, which was up by 32.1 percent over last year. Additionally, in the first half of this year, the retail prices at or above 3,000 Yuan (roughly 462 US Dollars) were the most common in mainland China, while around the 350 US Dollars mark was the most common price bracket for its overseas market.

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Xiaomi recently announced its unaudited consolidated results for the first quarter of this year. This financial report had the company register record high profits and revenue in the period ending on March 31.

As per an official blog post, the Chinese tech giant announced that its expectations regarding adjusted net profit and its overall revenue had far exceeded market projections. The company’s total revenue for this period was 76.9 billion Yuan (roughly 12 billion US Dollars), which marked a rise of a sizeable 54.7 percent year on year. On the other hand, the brand also recorded an adjusted net profit of 6.1 billion Yuan (roughly 965 million US Dollars), with profits seeing a whopping 163.8 percent growth year on year.

The smartphone maker added that “The strong growth of smartphone shipments drove a continued expansion of our global user base. Our AIoT platform has continued to scale in tandem across the world. Besides the solid growth in our existing business lines, we are also continuing to explore new opportunities and broadening our business horizon. In March 2021, we unveiled our new branding identity and also announced our official foray into the smart electric vehicle business, setting the course for an exciting journey that will ensure a bright future for the company in the coming decade.”

During Q1 2021, the company shipped a total of 49.4 million units and the gross profit for its smartphone business was around 12.9 percent. Xiaomi even maintained the third position in the global smartphone market, in terms of shipments, achieving a market share of 14.1 percent. Meanwhile, in China, the brand came fourth and had a market share of 14.6 percent.

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Xiaomi reported its financials for the second quarter of 2019 earlier today. The smartphone maker, listed last year, posted slower growth in the last quarter, with Huawei grabbing a significant chunk of market share in China in the past few months.

Xiaomi posted 15% revenue growth in Q2 2019 which is slower than what was estimated by analysts. The company’s revenue rose to 51.95 billion yuan ($7.36 billion) from 45.24 billion yuan during the same period last year. In comparison, Xiaomi’s revenue grew by a solid 27% in the first quarter of the year.

The company is facing tough times with the Chinese smartphone market being in a slump and Huawei growing pretty significantly in the domestic market. Ever since the ban was enforced by the US government on Huawei, Chinese customers have come in support of the telecommunications giant. IDC reports that Huawei and its Honor brand increased its market share in China in Q2 2019 to 37% from 27.4% last year. This increase came at the expense of other manufacturers like Xiaomi who saw a fall in its shipments.

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Xiaomi’s net income fell by a staggering 87% to 1.96 billion yuan. However, the company still managed to post a decent 3.64 billion yuan adjusted profit. The total shipments in the last quarter were 32 million.

Xiaomi’s CFO also revealed that the company has been making strategic investments to build a “Chinese supply chain” most likely in response to the US’ stance against Chinese companies. In this regard, the company has already invested in companies such as Verisilicon and Bestechnic who design chips for smartphones and audio devices respectively.

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(Via)

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