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Xiaomi posts record revenue of US$16 billion in second quarter on strong electric vehicle sales
Net profit rose 75.4 per cent year on year to reach a record high of US$1.5 billion, exceeding the forecast by analysts
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Ben Jiangin Beijing
Chinese tech giant Xiaomi posted a 30.5 per cent increase in revenue for the second quarter, driven by strong demand for electric vehicles (EVs), even though its core smartphone business experienced flat sales.
Xiaomi on Tuesday reported revenue of 116 billion yuan (US$16.1 billion) for the three months ended June, a record high that beat analysts’ estimates of 114.94 billion yuan.
Net profit for the period also reached a record at 10.8 billion yuan, a 75.4 per cent year-on-year increase, exceeding the 8.88 billion yuan forecast by analysts.
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Xiaomi’s Hong Kong-listed shares closed down 1.23 per cent to HK$52.40 on Tuesday, ahead of the quarterly earnings release.
In a post-earnings call with analysts, Xiaomi partner and president Lu Weibing said the company expected to enter Europe’s EV market in 2027.
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“We’re not only confident in the next success of Xiaomi Automobile, but also in the success of [our] methodology,” Lu said. Founded in 2021, Xiaomi Automobile is the Beijing-based company’s EV division.
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