Xiaomi Corporation announced its financial report for the second quarter of 2024 (ended June 30), recording double-digit revenue growth for three consecutive quarters, reaching $12.49 billion, up 32% year-on-year. Adjusted net profit also grew strongly, reaching $871 million, up 20.1% year-on-year. Overall gross profit margin remained stable at 20.7%.
Xiaomi’s three core business segments of “smartphones,” “IoT and lifestyle devices,” and “Internet services” all exceeded expectations, with revenues of $6.54 billion, $3.77 billion, and $1.17 billion, respectively. Revenue from smart electric vehicles and other new initiatives totaled $899 million. The group’s overall performance exceeded expectations, marking a new stage of explosive growth.
In the second quarter of 2024, Xiaomi's cash resources increased to US$19.68 billion (as of June 30), laying an important foundation for the sustainable development of both core and new businesses, supporting the company's continuous explosive growth. This achievement is the result of Xiaomi's constant priority on investing heavily in platform technologies.
Artificial intelligence (AI) technology has made significant contributions to business development, improving product technology and utility experience on smartphones and smart electric vehicles, and enhancing the operational efficiency of Xiaomi Smart Factory. The all-electric intelligent ecosystem of Human - Car - Home: "Human - Car - Home" is expected to continue to promote business activities and consolidate sustainable growth in the future.
On July 19, the group launched the high-end folding phone Xiaomi MIX Fold 4 and its first compact folding smartphone, Xiaomi MIX Flip in China. The sales performance of these two folding phones exceeded expectations, significantly enhancing Xiaomi's reputation in the high-end market. Xiaomi MIX Flip has attracted much attention with its unique folding design and 4.01-inch external screen with offline AI translation capabilities.
KIM THANH
Source: https://www.sggp.org.vn/xiaomi-ghi-nhan-doanh-thu-1249-ty-usd-post758726.html
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