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 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.

UP NEXT: Xiaomi has sold 20 million Redmi Note 7 models in just 7 months!

(Via)

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Xiaomi is slowly inching closer towards an IPO this year and the necessary steps have already been set into motion. The company’s CDR (Chinese Depository Receipts) application revealed some important figures about the company’s financials earlier today. Let’s take a look at the key figures from this application.

Xiaomi is expected to be valued anywhere from $75 billion to $80 billion in its IPO in Hong Kong later this year. It will be the first Chinese enterprise to raise CDRs, which is usually reserved for companies in the high-tech industry. The application revealed that Xiaomi has shipped over 28 million smartphones in Q1 2018. During the same quarter, the company posted a net loss of 7.03 billion Yuan (~$1 billion).

RELATED: Xiaomi’s IPO Is Reportedly Facing Some Skepticism From Investors

In 2015, 2016, and 2017, Xiaomi’s revenues were 66.8 billion Yuan, 68.4 billion Yuan, and 114.6 billion Yuan respectively. Last year’s growth in revenue has been significant and some of the credit goes to the company’s shift in strategy after a less than impressive 2016. However, despite the growth in revenue, the company still posted a net loss of 43.9 billion Yuan (~$6.85 billion) in 2017.

The CDRs are expected to be issued on July 16.

(Via)

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It seems like, Xiaomi, the Giant Chinese Company is selling its phones like hot cakes. It was just 4 years back that Xiaomi came into existence and ever since that day, this company has always been going up and up on the ladder of success.

Talking about the year 2014, Xiaomi has managed to sell 26.1 million phones in just first 6 months. According to the official blog of the company, Xiaomi had sold 11 million phones in the first quarter of 2014 and as the second quarter ended, their sales stood at a whooping figure of 26.1 million. This means that Xiaomi was able to sell 15.1 million phone in the second quarter of 2014.

The targets set by Xiaomi are even bigger for the third and fourth quarter. After seeing this success, CEO of the company, Mr. Lei Jun, at an IT leadership summit said that the company will cross the mark of 60 million sales by the end of this year. It may be noted that earlier the projection was just up to a total of 40 million phone sales for the year 2014.

He further added that Mi phones have not just become a favorite for consumers in China, but they are have been appreciated in all the countries wherever they have been launched.

60 million phones in a year. Let’s see if Xiaomi will be able to reach this number. But, in the first six months their performance has been par excellence.

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