Xiaomi Q2 Earnings Shine: High-End Success, Global Dominance, and Smartphone Business Remains Core

Xiaomi Q2 Earnings Shine: High-End Success, Global Dominance, and Smartphone Business Remains CoreXiaomi has released its Q2 2024 financial report, which Lei Jun hailed as the company's best ever. The report highlights strong performance in the smartphone business, particularly in the high-end market

Xiaomi Q2 Earnings Shine: High-End Success, Global Dominance, and Smartphone Business Remains Core

Xiaomi has released its Q2 2024 financial report, which Lei Jun hailed as the company's best ever. The report highlights strong performance in the smartphone business, particularly in the high-end market. Xiaomi's market share in China's high-end smartphone market reached 22.1%, up 2.0 percentage points year-on-year. Notably, its market share in the 4K-5K price segment climbed to 20.1%, a 3.5 percentage point increase year-on-year.

The Xiaomi 14 series has undoubtedly been instrumental in the company's high-end success. Reports suggest that the series may set a new record for Xiaomi's high-end shipments, potentially exceeding 10 million units sold. The Xiaomi 14 Ultra, in particular, has garnered significant consumer interest, with channel sources indicating sales exceeding 1 million units.

Beyond domestic success, Xiaomi's global dominance continues to expand. The report reveals that Xiaomi's smartphone shipments rank among the top three in 58 global markets and in the top five in 70 markets. In Latin America and Southeast Asia, Xiaomi has climbed to second place, with market shares reaching 18.6% and 17.2%, respectively. Shipments also secured second place in the Middle East market. Clearly, Xiaomi's strong base continues to grow thanks to its value-for-money proposition.

Xiaomi has affirmed that smartphones remain its most critical business, serving as the foundation for its people, vehicles, and homes ecosystem strategy. Even Lei Jun, who has shifted his focus to the automotive business, remains deeply involved in smartphone R&D.

Xiaomi's financial report indicates that Xiaomi Auto is currently operating at a loss. The smartphone business still holds the greatest influence over Xiaomi's financial performance. The remarkable performance in the high-end smartphone market has provided Xiaomi with a crucial reassurance.