Xiaomi Rakes In Over $2-Bn Profit during April-June Quarter | CORPORATE ETHOS

Xiaomi Rakes In Over $2-Bn Profit during April-June Quarter

By: | August 23, 2018
xiaomi

Aug 23: The April-June quarter this year was different for Xiaomi, as it was the first quarter for the Chinese manufacturer after it went public. The financial results of the company have now been published, showing a strong performance of the company during the quarter ended June 30, 2018.

Accordingly, Xiaomi has brought in a revenue of CNY30.5 billion, which translates to 4.5 billion US dollars, during the three month period in between April and June. The same period also saw the profit of the company peck the $2 billion mark. The profit during Q2 stood at CNY14.6 billion, or $2.1 billion.

The company although recorded an operating loss of CNY7.6 billion, close to $1.1 billion. This was on account of the administration costs involved in the process of IPO listing on the Hong Kong Stock Exchange.

The data also reveals that Xiaomi made a shipment of around 32 million units, contributing a major chunk of its revenue. Around two-thirds of the company revenue during the quarter is said to have been gained through the sale of smartphone sales. The remaining has been contributed by the collective sales other products including smart TV, fitness bands, accessories and home appliances.

Xiaomi has also managed to improve its global performances with a yearly worldwide growth of 151%. Of the total revenue, 36% has come from the international markets, majorly contributed by markets like India and Indonesia.

Xiaomi is also expanding its territory in the European markets, where it will be soon introducing new products including the budget-flagship Poco F1 device that was recently launched in India. The flagship specification of the device guarantees performance on par of other flagships like Galaxy Note 9, OnePlus 6 etc, but at a much lower cost.