Xiaomi posts increased revenues and profit on strong smartphone sales in Q2 2024 | Infinium-tech
Xiaomi Corporation revealed its Q2 2024 financial results, which saw overall revenue and profit rise on the back of strong Samsung phone sales.
For the first time in this report, Xiaomi has also given information about the sales numbers of its smartphones. SU7 Electric Vehicle – 27,307 cars have been sold so far since this model went on sale in April.
Xiaomi Corporation Q2 2024 results
Smartphone revenue between April and June was CNY 46.5 billion ($6.5 billion), up 27% from the same period last year. Xiaomi shipped 42.2 million units, including sub-brands Redmi and Poco.
Premium smartphone sales accounted for 22.1% of total shipments, which is also a year-on-year improvement for Xiaomi. This segment includes models sold in mainland China that cost more than CNY 3,000 ($420); some of them, such as the Xiaomi 14 Pro or the Xiaomi Mix Fold 3, are still not available outside the domestic market.
Xiaomi Corporation Q2 2024 results
Xiaomi remained the world’s third-largest smartphone company for the 16th consecutive quarter, trailing Apple and Samsung. However, it remained in the top 2 in the Latin America and Middle East regions with 18.6% and 21.2% market share respectively.
The total number of users in the Xiaomi ecosystem now stands at 676 million, an increase of 11.5% compared to last year. This number is even more impressive when we consider that the number of users in Mainland China is 164 million, meaning that three out of four users are outside the domestic market.
Xiaomi Corporation Q2 2024 results
Speaking to the media after the earnings report, Xiaomi founder and chairman Lu Weibing said the company is on the path to success. Deliver 120,000 cars by the end of 2024, and factories are now operating in double shifts to meet demand.
Xiaomi generated CNY 6.4 billion ($900 million) in revenue from the smart EV business, but it is still loss-making, losing CNY 1.8 billion ($252 million). With an increase in orders, the profitability of the auto business is expected to improve over time.
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