Xiaomi posts increased revenues and profit on strong smartphone sales in Q2 2024

Xiaomi Corporation revealed its Q2 2024 financial results, which showed an increase in total revenue and profit on the back of strong samsrtphone sales.

The report was also the first time Xiaomi reported sales numbers for its SU7 electric vehicle - 27,307 cars since the model arrived for sale in April.

Smartphone revenue between April and June was CNY 46.5 billion ($ 6.5 billion), 27% more than the same period last year. Xiaomi shipped 42.2 million units, including sub-brands Redmi and Poco.

Premium smartphones made up 22.1% of all shipments, which is also a yearly improvement for Xiaomi. That segment includes models sold in Mainland China that cost over CNY 3,000 ($420); some of them, like the Xiaomi 14 Pro or the Xiaomi Mix Fold 3, are still unavailable outside the home market.

Xiaomi remains the third largest smartphone company in the world for the 16th consecutive quarter, trailing Apple and Samsung. However, it was in Top 2 in Latin America and the Middle East regions, with 18.6% and 21.2% market share, respectively.

The total number of users in the Xiaomi ecosystem is now 676 million, an increase of 11.5% YoY. The number is even more impressive when we consider that the number of users in Mainland China is 164 million, meaning three out of four users are outside the home market.

In a media call following the earnings report, Lu Weibing, Xiaomi's Founder and President, revealed that the company is on track to deliver 120,000 cars by the end of 2024, and factories are now working double shifts to keep up with the demand.

Xiaomi reported CNY 6.4 billion ($900 million) in revenue from the Smart EV business, but it still operates at a loss, with CNY 1.8 billion ($252 million) in the red. With the increase in orders, the auto business' profitability is expected to improve over time.

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