The company posted a 71.7% jump in net profit for 2Q 2019
Xiaomi recently revealed its financial report for the first half of 2019, and it is all good news for the Chinese brand. To kick things off, Xiaomi posted total revenue of RMB95.71 billion (up by 20.2% year-to-year), with a gross profit of RMB12.47 billion and a net profit of RMB5.15 billion.
The bigger news with Xiaomi’s optimistic report involves their 2Q 2019 earnings, where their total Non-IFRS adjusted net profit is around RMB5.72 billion—or approximately a 71.7% jump in net profit year-to-year.
Xiaomi founder and CEO Lei Jun credits this to their ‘Smartphone + AIoT’ dual-engine strategy and with their business model. For its smartphone business, the Mi 9, Redmi Note 7, and Redmi K20 series helped Xiaomi’s overall smartphone sales. For the second quarter, Xiaomi achieved a smartphone sales volume of 32.1 million units, with the Redmi Note 7 selling a total of 20 million units as of June 2019.
For its IoT business, Xiaomi’s Smart TVs and Mi Band fitness trackers are its biggest sellers, with the latter selling over 1 million units in a span of 8 days.
Check out the infographic below for full breakdown of Xiaomi’s 1H 2019 financial report:
