Xiaomi continues to grow. The company has reported record revenues of 88.9 billion yuan, about 11.29 billion euros,achieving double-digit growth for the third consecutive quarter.
On the other hand, adjusted net profit was 787 million (6,200 yuan), up 20%. In addition, overall gross profit margin remained strong at 20.7%.
Results by business
The three main businesses of Xiaomi — smartphones, IoT and lifestyle products, and Internet services — exceeded market expectations with revenues of €5.9 billion (RMB46.5 billion); €3.4 billion (RMB26.8 billion) and €1.054 billion (RMB8.3 billion), respectively. The revenue from the business of Smart electric vehicles and other new initiatives totaled 813 million euros (6.4 billion RMB).
In the top 5 smartphone brands
Xiaomi leads growth among top five smartphone brands as global expansion accelerates. In Q2, its handsets reached 1.7 million units. 42.2 million unitsan increase of 28.1%. According to Canalys, Xiaomi has maintained its position among the top three smartphone brands globally for 16 consecutive quarters with a market share of 14.6%.
The smartphone business reported strong growth with revenue of 5.9 billionan increase of 27.1%. According to the consultancy, in the period under review, the Group’s smartphone shipments ranked in the top three in 58 countries and regions globally, and in the top five in 70 countries and regions globally. The rise underlines Xiaomi’s growing influence in international markets with accelerated expansion in Latin America, Southeast Asia, the Middle East and Africa. In Latin America, Xiaomi’s smartphone shipments ranked in the top two for the first time.
On July 19, 2024, he submitted his flagship foldable device next-generation Xiaomi MIX Fold 4, along with its first compact foldable device, the Xiaomi MIX Flip, in mainland China.
IoT business soars
The business of products of IoT Xiaomi’s lifestyle segment continued its upward trajectory. The large smart home appliance segment also continued its strong performance, with revenue up 38.7%
Robust growth in the Internet services business
During the second quarter, Internet Services continued its rapid growth with revenues up 11%.
The Internet user base continued to expand, with global and mainland China monthly active users (MAUs) reaching all-time highs.
Xiaomi Care arrives in Spain
This is a protection insurance program that is already available in Germany, France, Spain and Italy.
It offers two comprehensive insurance packages that can be purchased together with a new product or as additional protection:
● Accident Package: Provides coverage for accidental damage to smartphones. This package includes 24 months of accidental damage coverage, allowing up to two claims in a 12-month period for repairs, and one claim in 24 months for replacement or refund.
● Accident and Theft Package: Includes accidental damage coverage as well as anti-theft protection. This package also allows up to two claims in a 12-month period for repairs and one claim in 24 months for replacement or reimbursement of the stolen or damaged device.
“We are delighted to launch Xiaomi Care, a service that reflects our commitment to offering top-notch protection and peace of mind to our customers,” he said. Nelly De Navia, Head of Marketing at Xiaomi Iberia“With Xiaomi Care, we aim to offer not only the best devices, but also the best protection at a competitive price.”
