Xiaomi reported second-quarter revenues up 64 percent year-on-year to a record CNY 87.8 billion, as its smartphones continue to gain market share around the world. Adjusted net profit jumped 87 percent to CNY 6.3 billion in the period.
Smartphone shipments totaled 52.9 million units, up 87 percent from a year ago and making the company the second-largest phonemaker in the world. Smartphone revenues also rose 87 percent, to CNY 59.1 billion.
Xiaomi said the results underline its success in the premium phone segment, with models such as the Mi 11 series. According to the company, it shipped over 12 million phones with a price of more than CNY 3,000 or EUR 300 in the first half of 2021, more than the 10 million in all of 2020. At the same time, its low-cost Redmi brand passed the milestone of a cumulative 200 million phones shipped in the second quarter.
The company's other IoT and consumer products contributed CNY 20.7 billion in quarterly revenue, up 36 percent year-on-year. That includes over 2.5 million smart TVs shipped in the period. Services revenue amounted to CNY 7.0 billion, an increase of 19 percent year-on-year.
Half of revenues outside China
Revenue from internet services provided outside China nearly doubled on an annual basis, to CNY 1.1 billion. In total, markets outside China accounted for just under half Xiaomi's quarterly revenues, at CNY 43.6 billion, a figure up 82 percent year-on-year.
To support the strong growth, Xiaomi broke ground on a new factory in July, in the Changping district of Beijing. The facility is expected to support annual production of up to 10 million premium smartphones, while also highlighting advances in smart manufacturing in China.
Xiaomi also confirmed plans to expand in the electric car market, with the acquisition of the company Deepmotion Tech for USD 62.5 million in cash and shares. Started by Chinese investors, Deepmotion develops autonomous driving systems and applications, with a full software stack including perception, localization, planning and control features.
