Xiaomi Q2 Earnings Shine, Smartphone Business Rebounds Strongly, Only One Step Away from Apple

Xiaomi Q2 Earnings Shine, Smartphone Business Rebounds Strongly, Only One Step Away from AppleXiaomi Group today announced its Q2 2024 earnings report. The report shows that Xiaomi Group's total revenue reached 88

Xiaomi Q2 Earnings Shine, Smartphone Business Rebounds Strongly, Only One Step Away from Apple

Xiaomi Group today announced its Q2 2024 earnings report. The report shows that Xiaomi Group's total revenue reached 88.9 billion yuan, up 32.0% year-on-year; net profit was 5.1 billion yuan, compared to 3.7 billion yuan in the same period last year. Adjusted net profit was 6.2 billion yuan, up 20.1% year-on-year. Notably, despite Xiaomi's active layout in the automotive industry, its core smartphone business continues to maintain strong growth momentum, achieving remarkable results.

In the second quarter of 2024, Xiaomi smartphone revenue reached 46.5 billion yuan, up 27.1% year-on-year, with global shipments reaching 42.2 million units, up 28.1% year-on-year. According to data from multiple research institutions, Xiaomi's smartphone shipments have now firmly secured the top three position globally, trailing only Apple by a mere 1%, leaving them only one step away from surpassing Apple. At the same time, Xiaomi's performance far surpasses the fourth-place competitor, solidifying its position as the leading brand in the Chinese domestic smartphone market.

The earnings report data indicates that the strong growth of Xiaomi's smartphone business is closely linked to the company's multiple initiatives in product, technology, and marketing. Firstly, Xiaomi continues to launch innovative products, such as the Xiaomi 14 series flagship models, to meet the increasingly diverse needs of consumers. Secondly, Xiaomi continues to increase its R&D investment, consistently enhancing the technical level and competitiveness of its smartphone products. Lastly, Xiaomi has also actively adjusted its marketing strategies, placing greater emphasis on user experience and brand building, improving user recognition and loyalty toward Xiaomi smartphones.

Furthermore, Xiaomi has made significant strides in other business areas. Xiaomi's IoT & lifestyle products business revenue reached 31.7 billion yuan in the quarter, up 12.6% year-on-year, continuing its steady growth. Xiaomi's internet services revenue reached 17.3 billion yuan, up 9.2% year-on-year, demonstrating strong growth potential.

Overall, Xiaomi Group delivered a satisfying performance in the second quarter of 2024. The strong rebound of its smartphone business and the steady growth of other businesses highlight the company's robust competitiveness and development potential. In the future, Xiaomi will continue to adhere to the innovation-driven development strategy, focusing on its smartphone business while accelerating its layout in other business areas, aiming to become a global leading technology company.