Xiaomi Reports Record Revenue and Growth in Q2 2024

TL;DR

• Xiaomi reports record-breaking revenue of RMB88.9 billion.
• The company’s core businesses all experienced significant growth.
• Xiaomi’s global smartphone shipments increased significantly.
• Xiaomi’s investment in research and development is driving innovation.

Xiaomi Corporation, a global technology leader, has announced its financial results for the second quarter of 2024. The company achieved record-breaking revenue of RMB88.9 billion, marking a 32% year-over-year increase. This growth was driven by strong performance across all three core businesses: smartphones, IoT and lifestyle products, and internet services.

Record-Breaking Financial Performance

Xiaomi’s Q2 2024 financial results demonstrate its continued success and market leadership. The company’s revenue reached RMB88.9 billion, surpassing previous records. This growth was accompanied by a 20.1% year-over-year increase in adjusted net profit, highlighting the company’s strong financial health.

Strong Growth Across Core Businesses

All three of Xiaomi’s core businesses contributed significantly to the overall revenue growth. The smartphone business achieved a 27.1% year-over-year increase, driven by strong global expansion and increasing market share. The IoT and lifestyle products business also saw robust growth, with revenue reaching RMB26.8 billion. The internet services business continued its upward trajectory, with revenue increasing by 11%.

Expanding Global Presence

Xiaomi’s global footprint has expanded significantly, with strong growth in Latin America, Southeast Asia, the Middle East, and Africa. The company’s smartphones are now among the top three brands in 58 countries and regions worldwide.

Innovation and Leadership

Xiaomi’s commitment to innovation and technology leadership has been a driving force behind its success. The company’s investment in research and development has enabled it to develop cutting-edge products and solutions, such as the Xiaomi MIX Fold 4 and Xiaomi MIX Flip foldable smartphones.

A Bright Future Ahead

Xiaomi’s strong financial performance and continued growth in key markets position the company for future success. With a focus on innovation, global expansion, and customer satisfaction, Xiaomi is well-equipped to capitalize on emerging opportunities and maintain its leadership position in the technology industry.