Xiaomi posted strong revenues and profit growth in the second quarter of 2021

August 26, 2021 | 17:35
Xiaomi Corporation, a consumer electronics and smart manufacturing company, has generated total revenues of $13.54 billion and adjusted net profits of $971.58 million in the second quarter of 2021, up 64 and 87.4 per cent on-year respectively.
Xiaomi posted strong revenues and profit growth in the second quarter of 2021
Xiaomi posted strong revenue and profit growth in the second quarter of 2021 (Graphic: Xiaomi)

Total revenues and adjusted net profits both reached record highs in the second quarter demonstrating the excellence of Xiaomi's business model and the robustness of its operations.

As Xiaomi remains committed to advance technology, its smartphone business continued to exhibit significant growth in the second quarter of 2021, highlighted by record-breaking smartphone revenues and shipments.

Smartphone revenues amounted to $9.11 billion in the reporting, period representing an increase of 86.8 per cent on-year. The group’s global smartphone shipments reached 52.9 million units, representing an increase of 86.8 per cent on-year. According to Canalys, Xiaomi’s global smartphone shipments ranked second for the first time in the second quarter with a market share of 16.7 per cent.

In Southeast Asia, Xiaomi ranked first with the market share reaching 28.2 per cent. According to Counterpoint Research’s Monthly Vietnam Channel Share Tracker, Xiaomi also captured the second spot in Vietnam's smartphone market in the quarter with 17 per cent share driven by the Redmi 9 series and Note 10 series.

Xiaomi posted strong revenues and profit growth in the second quarter of 2021
Xiaomi becomes the world’s No. 2 smartphone brand as it relentlessly pursues innovation and talent development

Among them, revenues from IoT and lifestyle products in overseas markets increased by 93.8 per cent on-year. Electric scooters, smart TVs, smart bands, and smartwatches maintained their widespread popularity overseas. Its global shipments of smart TVs surpassed 2.5 million units, maintaining the leading market position. Xiaomi also posted outstanding performances, driven by its Smartphone × AIoT strategy that enhances connectivity across smart devices. The IoT and lifestyle segment maintained robust growth, with revenues increasing 35.9 per cent on-year to $3.19 billion.

In addition, Xiaomi's revenues from internet services amounted to $1.07 billion, reaching a record high and representing an increase of 19.1 per cent on-year. The group’s global internet user base continued to expand rapidly and reached an all-time high.

As of June 30, the number of its pay-TV subscribers increased to 4.7 million, an increase of 17.1 per cent. Meanwhile, advertising revenues reached another quarterly record high of $694 million, representing an increase of 46.2 per cent on-year.

The representative of Xiaomi said that, “During the second quarter of 2021, our strategy continued to underpin our outstanding performance. Looking forward, we will continue to execute our dual-brand strategy, boost investments in advance technology, recruit and foster talents, and upgrade channel capabilities, as well as enhance our premium smartphone offerings and improve user experience."

He further added, "We will also remain committed to advance innovations in sophisticated and cutting-edge technologies across all product categories. We will also continue enhancing connectivity between our smartphones and IoT products to deliver a seamless user experience across our range of products, bringing a better life to everyone in the world."

By Thanh Van

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional