Xiaomi’s revenue in the second quarter of 2024 is 88.9 billion yuan! A year-on-year increase of 32 percent, setting a new record high
On August 21, Xiaomi Group released its second quarter performance report as of June 30, 2024. The financial report shows that in the second quarter of 2024, Xiaomi Group’s total revenue was RMB 88.9 billion, a record high, a year-on-year increase of 32%.
In terms of business, Xiaomi’s mobile phone xAIoT department had revenue of 82.5 billion yuan in the quarter, and innovative business departments such as smart electric vehicles had revenue of 6.4 billion yuan.
In the second quarter of 2024, Xiaomi Group’s adjusted net profit was 6.2 billion yuan, a year-on-year increase of 20.1%, including an adjusted net loss of 1.8 billion yuan for innovative businesses such as smart electric vehicles.
In this quarter, Xiaomi continued to promote the full ecological group strategy of people, cars and homes. In the second quarter of 2024, Xiaomi’s global smartphone shipments reached 42.2 million units, a year-on-year increase of 28.1%.
According to Canalys data, Xiaomi ranked in the top three in global smartphone shipments this quarter, with a market share of 14.6%, and was the brand with the fastest year-on-year growth in shipments among the top five.
In June 2024, Xiaomi’s global active user base hit a new record high of 675.8 million, a year-on-year increase of 11.5%.
As of June 30, 2024, the number of IoT devices (excluding smartphones, tablets and laptops) connected to the Xiaomi AIoT platform has increased to 822.2 million, a year-on-year increase of 25.6%.
In the second quarter of 2024, the Xiaomi SU7 series delivered 27,307 new vehicles. It is expected that the goal of delivering 100,000 vehicles of the Xiaomi SU7 series will be completed ahead of schedule in November 2024, and the new goal of delivering 120,000 new vehicles in 2024 will be achieved.
As of June 30, 2024, Xiaomi Group’s cash reserves were RMB 141 billion.