Xiaomi's Q2 revenue rises 64%, smartphone business reaches historic high

Xiaomi says business performance across all segments reached historic highs in the April to June period.

What you need to know

• Xiaomi has announced its financial results for the second quarter of 2021.
• Xiaomi shipped a total of 52.6 million phones during the quarter.
• Twelve million of them were "premium" devices priced at or above €300.

Xiaomi today shared its consolidated financial results for the quarter ended June 30, 2021. The Chinese tech giant posted total revenue of 87.8 billion yuan (about $13.5 billion) during the quarter, an increase of 64% over the same period last year. Net profit, on the other hand, jumped 87.4% YoY to 6.3 billion yuan ($971 million).

Xiaomi became the second largest smartphone brand globally in Q2 2021, with shipments growing 86.8% YoY to reach 52.9 million units. As per data from Canalys, the company's global market share stood at 16.7% during the second quarter. More interestingly, Xiaomi also saw a significant rise in shipments of premium smartphones priced above 3,000 yuan or €300.

The numbers certainly don't come as a surprise, since Xiaomi's flagship Mi 11 and Mi 11 Ultra are two of the best Android phones on the market right now. In China, Xiaomi saw its smartphone shipments rise by 35.1% compared to last year. As a result, the company's market share went up from 10.3% in Q2 2020 to 16.8%.

The company also saw success in overseas markets, with smartphone shipments sold via carrier channels growing over 300% YoY. It ranked No.1 in Europe and Southeast Asia. In Spain, Xiaomi has been the largest smartphone vendor for six consecutive quarters, with a market share of 41.2%. As per Counterpoint Research, Xiaomi surpassed Samsung as the world's largest smartphone brand for the very first time.

Xiaomi's IoT and lifestyle products division registered robust growth as well, with revenue increasing 35.9% YoY. Xiaomi's Mi Smart TVs ranked No.1 in mainland China and the company was among the top five smart TV makers globally.

Revenue from internet services also reached record highs in Q2 2021, thanks to a jump in user base in several overseas markets. Xiaomi says MIUI reached 453.8 million monthly active users in June, up 32.1% over last year.