Xiaomi’s Q2 revenue surged 68.3 percent to RMB 45.3 billion from RMB 26.88 billion, lead by smartphone sales.
Xiaomi reported a near 152 per cent on-year jump in revenue from overseas operations in the second quarter ended June to 16.4 billion yuan (Rs 16,693 crore approx).The company attributes this growth helped by strong growth in India smartphone sales, although cost pressures mounted with the appreciation of US dollar vs the rupee and the yuan (RMB).
Here’s how Xiaomi performed
An official statement by Xiaomi on Wednesday stated that according to research agency Canalys, Xiaomi’s smartphones continued to experience rapid growth in the Indian market and ranked first in terms of market share by shipments in the second quarter of 2018. Xiaomi further informed that its offline smartphone sales in India achieved a market share of over 20 per cent, and ranked No 1 in eight cities, according to GFK in the second quarter of 2018.
Xiaomi reported a 14.63 billion yuan global net profit in the second quarter ended June, compared to a 11.97 billion yuan net loss a year back. Total revenue for the three months ended June jumped over 68 per cent on-year to 45.24 billion yuan from 26.88 billion yuan in the year-ago period. This is the first set of results that the Chinese company has reported after listing on the Hong Kong stock exchange recently.
Xiaomi, however, said that its cost of sales relating to the smartphones segment jumped 62.2 per cent on-year to 28.5 billion yuan in the quarter to June, primarily due to increased smartphone sales and appreciation of the US dollar against the RMB and the Indian rupee.