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Xiaomi's Q2 profit hit RMB 14.6 billion or PHP 113.9 billion

Technology company Xiaomi Corp. saw its net profit in the second quarter hit RMB 14.6 billion (about PHP 113.9 billion) on strong topline.
Xiaomi's Q2 profit hit RMB 14.6 billion or PHP 113.9 billion
Xiaomi top executive Lei Jun
Photo from Pandaily

In a statement, Xiaomi said revenues in April-June operations surged 68.3 percent year-on-year to RMB 45.23 billion driven by its hardware, new retail and internet businesses. 

For its smartphone business, Xiaomi said revenues jumped by 58.7 percent year-on-year to RMB 30.50 billion lifted by smartphone sales volume and the average selling price. It added its Internet of Things and lifestyle products continued to witness growth, posting 104.3 percent year-on-year increase in revenue to RMB 10.38 billion.

Eight years ago, I came up with a crazy idea, which was to build a smartphone business based on the business model of an internet company, transforming the global image of "Made in China" products and benefiting everyone across the globe with amazing products at honest pricing. The interim results that Xiaomi has announced today prove that this idea has become reality, said Xiaomi Founder, Chairman and CEO Lei Jun.

The group's international operation also performend well with 151.7 percent year-on-year growth to RMB 16.4 billion, translating to 36.3 percent of its revenues. 

The Chinese company said Xiaomi led the smartphone market in India and second in Indonesia for the said period. 

Last May, Xiaomi also expanded its presence to France and Italy. As of end-June, the firm secured position as among the top five in smartphone markets in 25 countries.

Jun expressed optimism Xiaomi can realize more growth in the future amid plans to release more products in the technology market.

Xiaomi will continue building on our unique and powerful "triathlon" business model to further penetrate the high-end smartphone market, introduce more IoT products to international markets, and expand our range of internet services, laying strong foundations for our revenue growth in the future ahead.

Undoubtedly, Xiaomi has captured the global smartphone market!

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