- General
- August 22, 2018
- 3 minutes read
Xiaomi posts $2.1 Billion Q2 Profit
Xiaomi co-founder/CEO Lei Jun image : Xiaomi Consumer Electronics and notable smartphone maker Xiaomi has just outed its financial results…
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| Xiaomi co-founder/CEO Lei Jun
image : Xiaomi
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Consumer Electronics and notable smartphone maker Xiaomi has just outed its financial results for its first quarter as a public company reporting $2.1 Billion in Q2 profit on $6.6 Billion of revenue representing a 68% growth from last year as the Hong Kong listed company sells more devices to global consumers.
Even with a good net profit, Xiaomi reported operating losses due to significant administrative costs concerning its IPO which took place last month raising $4.7 Billion on the Hong Kong Stock Exchange and standing as one of the largest IPOs in the tech scene.
The bulk of its revenue comes from smartphone sales with Xiaomi shipping 32 million during the quarter bringing in $4.5 Billion of revenue from the segment alone.
Sales of other smart products in addition to internet services stand as the other major parts of its revenue. The company inked $1.5 Billion in sales of other smart products which include TVs, scooters, VR headsets, electronic toothbrushes, air purifiers, speakers, power banks, drones and other peripherals.
Revenue from internet services grew to $585 million on an annual scale also indicating good growth for the company in this section.
With 36% of its revenue coming out from China, Xiaomi counts a 151% year-on-year international growth with the likes of Indonesia, India and Europe which it recently launched in being key global markets.
