Xiaomi raises revenue and profit last quarter, surpassing analyst expectations

Xiaomi has released the results of the second financial quarter of 2020.  First of all, the relevant press release  says  that in the ...

Xiaomi has released the results of the second financial quarter of 2020. First of all, the relevant press release says that in the face of continuing uncertainty due to COVID-19, the diversified business ecosystem has demonstrated its resilience. With quarterly revenue and earnings above analysts' expectations, Xiaomi managed to enter the Fortune Global 500 for the second time, ranking 422nd (+46 positions compared to last year). Here's what else we learned from the report of the famous Chinese manufacturer.
  • For the three-month period from April to June, Xiaomi's revenue was $ 7.77 billion - 7.7% more than in the first quarter of 2020 and 3.1% higher than a year ago. In the first half of the year, revenue reached $ 14.98 billion, which corresponds to an increase of 7.9% in annual terms. Operating income for the year increased by 22.3% to $ 2.2 billion. Net profit for the quarter was $ 965.18 million, which corresponds to an increase of 29.3% in annual terms.
  • Looking in more detail by a line of business, smartphone sales still account for the majority of the company's revenues - $ 4.59 billion (59.07%). The rest was brought by two key areas of Xiaomi's business: the AIoT division (AI services and IoT devices) - $ 2.21 billion and Internet services - $ 857.5 million. Another $ 261 million came from other additional services (Youpin, etc.).
  • The successes of the smartphone division:

    • From April to June, Xiaomi shipped 28.3 million smartphones, up from 29.2 million in the first quarter of 2020 and 27.9 million in the same period a year ago.
    • According to research firm Canalys, Xiaomi ranked fourth in the world in terms of smartphone sales in the second quarter with a market share of 10.1%. In terms of sales of smartphones, Xiaomi is one of the five largest manufacturers in 50 countries, while in 25 of these markets it is in the top three.
    • In Europe, shipments of Xiaomi smartphones grew by 64.9%, bringing the share to 16.8% and the company entered the top three for the first time. In India, the second-largest smartphone market after China, Xiaomi's share reached 30.7% - the company has been the market leader for 12 consecutive quarters.
    • Launched in February, the flagship Mi 10 and Mi 10 Pro smartphones sold in a million copies two months after launch, and the more powerful Mi 10 Ultra with DxO Mark's best camera surpassed 400 million yuan ($ 58 million) after 10 minutes. after the start.
    • The average price of Xiaomi smartphones increased by 11.8% in annual terms and by 7.5% compared to the first quarter of 2020.
  • The number of MIUI monthly users in June reached 343.5 million, up 23.3% from a year ago - of which 109.7 million are active MIUI users in mainland China.
  • As of June 30, 2020, there were more than 271 million units (excluding smartphones and laptops) of Xiaomi smart devices worldwide, which is 38.3% more than last year.
  • Worldwide shipments of Xiaomi smart TVs totaled 2.8 million units. Against the backdrop of a general downturn in the market, Xiaomi was able to increase supplies, but how much the manufacturer does not specify. According to All View Cloud (“AVC”), Xiaomi has held the lead in mainland China for the sixth consecutive quarter and is among the top 5 largest TV manufacturers in the world.
Source: Xiaomi

Information Technology Magazine - All About Latest and Trending Technologies: Xiaomi raises revenue and profit last quarter, surpassing analyst expectations
Xiaomi raises revenue and profit last quarter, surpassing analyst expectations
Information Technology Magazine - All About Latest and Trending Technologies
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