Xiaomi's Q2 revenue up 30.5% helped by smartphone sales boost

STORY: Xiaomi said Tuesday (August 19) a rise in smartphone sales helped to boost its second-quarter earnings by over 30%.

Revenue for the quarter was a forecast-beating $16.16 billion.

While adjusted net profit rose by three-quarters year-on-year, also above analyst expectations.

The Chinese tech company said it became the bestselling smartphone brand in Southeast Asia in the second quarter.

And took second place by shipments in Europe.

Meanwhile its electric vehicle business generated almost $2.87 billion in revenue during the quarter.

That’s up from just over $2.5 billion in the first quarter.

It delivered around 81,300 cars in the June period, over 5,400 more than from January to March.

Its second EV model YU7 was launched in late June, with the deliveries only beginning last month.

That means it has yet to be reflected in results.

Its new initiatives including EV and AI also narrowed a loss from the first quarter.

Xiaomi’s Hong Kong-listed shares have risen 52% so far this year. Related Videos

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