Thursday, 19 September, 2019

Overseas business continues to be Xiaomi's biggest revenue driver for Q2

Xiaomi Ships 32 Million Smartphones in Q2, Posts 15 Percent Rise in Sales Xiaomi reports 60 million shipped phones in H1 2019 - GSMArena.com news
Emmett Howard | 21 August, 2019, 23:25

Chinese smartphone maker Xiaomi on August 20 reported revenue in the three months to end-June of 52 billion yuan ($7.4 billion), an increase of 15% from a year earlier. Xiaomi's second-quarter fell to around $284 million, a drastic drop from the $2.07 billion profit it reported over the same period past year.

The smartphone giant's gross profit for the quarter was approximately 7.3 billion yuan, up 28.4% year-on-year, whereas its adjusted net profit increased by 71.7% year-on-year to approximately 3.64 billion yuan.

Xiaomi's market share in China declined by a fifth in the April-June quarter even as Huawei's share surged by 31%, according to research firm Canalys.

Revenue from its smartphone business grew 5% to RMB 32 billion in the quarter after selling 321 million handsets worldwide.

Xiaomi said total smartphone shipments in the second quarter rose to 32 million.

In the second quarter, Xiaomi funded Verisilicon, a Shanghai-based chip design firm. Xiaomi's market share tumbled 20% after the vendor shipped 11.5 million units.

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Canalys analyst Mo Jia noted that the U.S.

China's smartphone market, the world's largest, is shrinking but consumers there are rallying in support of Huawei as it battles USA trade restrictions.

Xiaomi is boasting its IoT solutions are now running on 196 million devices across the world.

"Its core strength remains price-sensitive countries across Europe, in online and open market channels, but it is increasingly being trusted and ranged by important mobile operators", Jia added.

Revenues from other products rose 44 percent year-on-year to CNY 14.94 billion, driven by demand for its smart TVs, air conditioners, and newer devices like the Mi Band and Mi Electric Scooter.

Xiaomi's internet services unit, which makes money primarily by placing ads across various apps, accounted for 8.8 percent of its revenue, flat from one year prior.

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