Xiaomi reports profit of $2.1 billion with 67% revenue coming from the smartphone sales

Xiaomi has shipped 32 million smartphone units in Q2, 2018.

  • Published: August 22, 2018 9:27 PM IST

Xiaomi today stated to have gained a profit of $2.1 billion in its first quarter as a public company. This company claimed to have grown by 68 percent in Q2 of 2018, which translates to a revenue of $6.6 billion. While the net profit recorded is $2.1 billion, the company is also said to have faced operating loss of $1.1 billion due to its administration cost during its listing.

According to a report from TechCrunch, a big credit of Xiaomi’s growth goes to its smartphones sales, which at present accounts for 67 percent of its total revenue. Smartphone sales seems to have grown by 44 percent year-on-year. The company claimed to have shipped about 32 million units in this quarter that alone accounts to $4.5 billion.

Following that, Xiaomi also seems to have done well with sales of its other key products, which include television sets and fitness bands. The segments have grown by 100 percent to reach a $1.5 billion. Following that, Xiaomi’s internet services have also managed to bring in a revenue of approximately $585 million. At the moment, the services are only focused in the Chinese market, but the company plans to expand them to other markets as well.

In fact, moving forward, Xiaomi now seems to be paying more attention to growing in markets outside of China. The company has managed to make a pretty good impact in India, Indonesia, and even in some European markets lately. Around 36 percent of the company’s revenue at the moment comes from these markets, which has seen a 151 percent year-on-year growth.

Watch: Xiaomi Mi A2 First Look

India especially seems to be one of the key markets of focus for Xiaomi. The company is currently rated as the number one smartphone manufacturer in the country. Along with offering good quality mid-range smartphones, Xiaomi today introduced its new flagship Poco F1 smartphone in India. Priced just at Rs 20,990, the smartphone features high-end hardware that puts it in the same segment as the OnePlus 6 and Asus Zenfone 5Z.

  • Published Date: August 22, 2018 9:27 PM IST