Home » Xiaomi reports solid revenue and profit growth for Q2 2021

Xiaomi reports solid revenue and profit growth for Q2 2021

Written By Louigi Balao
Published • August 27th, 2021
BusinessNews
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Xiaomi Corporation has announced its unaudited consolidated results for Q2 2021 ended June 30, 2021, showing the its business performance across all segments.

In the second quarter of 2021, Xiaomi’s total revenue amounted to RMB 87.8 billion, representing an increase of 64.0% year-over-year; adjusted net profit for the period was RMB 6.3 billion, an increase of 87.4% year-over-year. Total revenue and adjusted net profit both reached record highs in the quarter.

Xiaomi smartphone revenue amounted to RMB 59.1 billion in the reporting period; representing an increase of 86% year-over-year. For global smartphone shipments, it reached 52.9 million units representing an increase of 86.8% year-over-year.

According to Canalys, Xiaomi’s global smartphone shipments ranked No. 2 for the first time in the second quarter with a market share of 16.7%. For mainland China, it rose to 16.8% from 10.3% in the second quarter of 2020, ranking third with a 35.1% year-over-year increase in smartphone shipments.

Additionally, in the second quarter of 2021, Xiaomi’s loT and lifestyle product segment maintained growth with revenue increasing 35.9% year-over-year to RMB 20.7 billion. For global shipments of smart TVs surpassed 2.5 million units maintaining its position in the global market.

Furthermore, Xiaomi’s internet services amounted to RMB 7.0 billion, which is a record high according to the corporation, representing an increase of 19.1 year-over-year.

In terms of products and services, Xiaomi maintained continuous growth in the overseas market, with revenues amounting to an increase of 81.6% year-over-year to RMB 43.6 billion—accounting for 49.7% of total revenue. Reports from Canalys state that Xiaomi’s market share in the second quarter ranked among the top 5 in 65 markets globally, and no. 1 in 22 markets.

According to Xiaomi, they have always attached importance to talent development, retention and motivation, which is why are going to foster executive managerial talent and reward them with entrepreneurial incentives to ensure the continuous development of the company.

“During the second quarter of 2021, our core ’Smartphone × AIoT’ strategy continued to underpin our outstanding performance. Looking forward, we will continue to execute our dual-brand strategy, boost investments in advance technology, recruit and foster talents and upgrade channel capabilities, enhance our premium smartphone offerings and improve user experience. We will also remain committed to our core ‘Smartphone × AIoT’ strategy, working fervently to advance innovations in sophisticated and cutting-edge technologies across product categories. We will also continue enhancing connectivity between our smartphones and IoT products to deliver a seamless user experience across our range of products, bringing a better life to everyone in the world,” Xiaomi Corporation said.