Xiaomi Corporation announced its unaudited consolidated results for the three months ended June 30, 2024 (Q2 2024).
The company delivered impressive financial performance, with revenue reaching RMB88.9 billion, a 32% year-over-year (YoY) increase. Adjusted net profit surged to RMB6.2 billion, representing a 20.1% YoY growth. The overall gross profit margin remained strong at 20.7%.
Xiaomi’s three core businesses—smartphones, IoT and lifestyle products, and internet services—all outperformed market expectations.
The smartphone business saw revenue of RMB46.5 billion, up 27.1% YoY. Globally, Xiaomi’s smartphone shipments reached 42.2 million units—a 28.1% YoY increase.
The IoT and lifestyle products business also recorded robust growth, with revenue reaching RMB26.8 billion or a 20.3% YoY increase.
The internet services business continued its upward trajectory, with revenue increasing 11% to RMB8.3 billion.
Meanwhile, Xiaomi’s smart EV business and other new initiatives contributed RMB6.4 billion to the company’s revenue. The Xiaomi SU7 Series, the company’s first smart EV, has seen strong market performance, with over 27,000 vehicles delivered in Q2.
AI technology has played a crucial role in driving Xiaomi’s growth. The company’s investment in R&D has continued to expand, with expenses reaching RMB5.5 billion in Q2. AI has empowered Xiaomi’s products, enhancing their capabilities and intelligent experience.
In Q2, Xiaomi’s cash resources surged to RMB141 billion as of June 30, providing a crucial foundation for the sustained development of both core and new businesses, supporting its continued explosive growth. Investments in core technologies, especially AI, have improved its products, like smartphones and smart EVs, and boosted its factory operations. Xiaomi’s “Human x Car x Home” smart ecosystem is expected to drive further business growth and ensure long-term success.
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