Xiaomi Company revealed its Q2 2024 monetary outcomes, which confirmed a rise in whole income and revenue on the again of sturdy samsrtphone gross sales.
The report was additionally the primary time Xiaomi reported gross sales numbers for its SU7 electrical car – 27,307 automobiles because the mannequin arrived on the market in April.
Xiaomi Company outcomes for Q2 2024
Smartphone income between April and June was CNY 46.5 billion ($ 6.5 billion), 27% greater than the identical interval final 12 months. Xiaomi shipped 42.2 million items, together with sub-brands Redmi and Poco.
Premium smartphones made up 22.1% of all shipments, which can also be a yearly enchancment for Xiaomi. That phase consists of fashions bought in Mainland China that value over CNY 3,000 ($420); a few of them, just like the Xiaomi 14 Professional or the Xiaomi Combine Fold 3, are nonetheless unavailable exterior the house market.
Xiaomi Company outcomes for Q2 2024
Xiaomi stays the third largest smartphone firm on the earth for the sixteenth consecutive quarter, trailing Apple and Samsung. Nevertheless, it was in Prime 2 in Latin America and the Center East areas, with 18.6% and 21.2% market share, respectively.
The full variety of customers within the Xiaomi ecosystem is now 676 million, a rise of 11.5% YoY. The quantity is much more spectacular after we take into account that the variety of customers in Mainland China is 164 million, that means three out of 4 customers are exterior the house market.
Xiaomi Company outcomes for Q2 2024
In a media name following the earnings report, Lu Weibing, Xiaomi’s Founder and President, revealed that the corporate is on monitor to ship 120,000 automobiles by the top of 2024, and factories are actually working double shifts to maintain up with the demand.
Xiaomi reported CNY 6.4 billion ($900 million) in income from the Sensible EV enterprise, but it surely nonetheless operates at a loss, with CNY 1.8 billion ($252 million) within the crimson. With the rise in orders, the auto enterprise’ profitability is anticipated to enhance over time.