Xiaomi's Second-Quarter Revenue Up 30.5 Percent, Boosted by Smartphones
An increase in smartphone sales, particularly in Southeast Asia, contributed to a 30.5 percent surge in Xiaomi's revenue for the second quarter, according to the smartphone and EV manufacturer.
For the quarter ending June 30, revenue reached 116 billion yuan ($16.16 billion), surpassing the average estimate of 114.7 billion yuan from 15 analysts compiled by LSEG.
The adjusted net profit grew by 75.4 percent year-over-year to 10.8 billion yuan, exceeding the average forecast of 10.1 billion yuan, based on LSEG data.
As the world's third-largest smartphone manufacturer, Xiaomi became the leading smartphone brand in Southeast Asia in the second quarter and secured the second spot in Europe by shipments, the company reported.
Xiaomi's EV segment generated 20.6 billion yuan in revenue in the second quarter, an increase from 18.1 billion in the first quarter. The company delivered 81,302 electric vehicles in the June quarter, compared to 75,869 SU7 vehicles in the January-March period.
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The launch of its second EV model, YU7, occurred in late June, with deliveries commencing only last month, indicating that its results have yet to reflect these numbers.
The EV, AI, and other new initiatives incurred a total net loss of 0.3 billion yuan in the June quarter, an improvement from a loss of 0.5 billion in the previous quarter.
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Shares of Xiaomi, which also manufactures home appliances, closed down 1.2 percent at 52.4 Hong Kong dollars. However, the stock has increased by 52 percent since the beginning of the year.