Xiaomi's second-quarter revenue up 30.5pct, boosted by smartphones

BEIJING: A rise in sales of smartphones, especially in Southeast Asia, helped to boost Xiaomi’s second-quarter revenue by 30.5 per cent, the smartphone and electric vehicle (EV) company said on Tuesday.

Revenue for the quarter ended June 30 was 116 billion yuan (US$16.16 billion), beating the 114.7 billion yuan average of 15 analyst estimates compiled by LSEG.

Adjusted net profit rose 75.4 per cent year-on-year to 10.8 billion yuan, exceeding the average estimate of 10.1 billion yuan, according to LSEG data.

The world’s third-largest smartphone maker became the bestselling smartphone brand in Southeast Asia in the second quarter and took second place by shipments in Europe, it said.

Its EV business, meanwhile, generated 20.6 billion yuan in revenue during the second quarter, up from 18.1 billion during the first quarter. It delivered 81,302 EVs in the June quarter, compared with deliveries of 75,869 SU7 cars in January-March. Its second EV model YU7 was launched in late June, with the deliveries only beginning last month, meaning it has yet to be reflected in results.

Its EV, AI and other new initiatives reported a total net loss of 0.3 billion yuan in the June quarter, narrowing from a loss of 0.5 billion in the first quarter.

Hong Kong-listed shares in Xiaomi, which also makes home appliances, closed down 1.2 per cent at 52.4 Hong Kong dollars. The stock has risen 52 per cent so far this year.

© New Straits Times Press (M) Bhd

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