Xiaomi Q2 revenue jumps 30.5% on Southeast Asia smartphone demand; trims shipment target, EV losses narrow
Xiaomi posted a 30.5% rise in second-quarter revenue on Tuesday, lifted by strong smartphone demand in Southeast Asia despite a sluggish global market, Reuters reported.
Revenue for the quarter ended June 30 stood at 116 billion yuan ($16.16 billion), ahead of analyst forecasts of 114.7 billion yuan, LSEG data showed.
Adjusted net profit surged 75.4% year-on-year to 10.8 billion yuan, exceeding the 10.1 billion yuan estimate.
Smartphone shipment target cut
Xiaomi President Lu Weibing trimmed the company’s full-year smartphone shipment goal to 175 million units, down from the earlier 180 million.
“We expect the overall smartphone market to see little to no growth this year. If there is any increase, it might be around 0.1% to 0.2%. That's somewhat different from the growth we had anticipated at the beginning of the year,” Lu told reporters, according to the report.
Global smartphone rankings hold steady
The company became Southeast Asia’s top smartphone brand in the quarter and ranked second in Europe. Globally, it maintained third place with a 14.7% share, Canalys data showed.
Total smartphone shipments edged up 0.6% to 42.4 million units, but revenue from the segment slipped 2.1% to 45.5 billion yuan as average selling prices fell.
EV sales gain pace
Xiaomi’s electric vehicle (EV) business generated 20.6 billion yuan in revenue, compared with 18.1 billion yuan in the previous quarter. Deliveries reached 81,302 units in April–June, up from 75,869 in January–March.
The company’s second EV model, the YU7, was launched in late June, with deliveries starting only last month and not yet reflected in results.
Losses narrow, profit in sight
Including EVs, AI, and other new ventures, Xiaomi reported a net loss of 0.3 billion yuan in the quarter, narrowing from 0.5 billion yuan in Q1.
Lu said the EV division could post monthly or quarterly profit in the second half, though cumulative losses remain steep after more than 30 billion yuan in R&D spending.
300,000 EVs sold, new chip in development
Since its EV debut in March 2024, Xiaomi has sold 300,000 vehicles as of July.
Lu also confirmed that the company is developing the next version of its in-house mobile chip, XRINGO1.
Stock dips despite strong run
Shares of Xiaomi in Hong Kong closed 1.2% lower at HK$52.4 on Tuesday, though the stock has gained 52% so far this year.
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