Chinese tech giant Xiaomi reported a 30.5% increase in second-quarter revenue on Tuesday, helped by strong demand for its YU7 electric SUV and steady smartphone sales.
Revenue for the three months ended June 30 rose to 116 billion yuan ($16.16 billion), above the 114.7 billion yuan forecast by analysts polled by LSEG. Adjusted net profit climbed 75.4% year-on-year to 10.8 billion yuan, also topping the average estimate of 10.1 billion yuan.
The company’s smartphone and AIoT businesses generated revenue of 94.7 billion yuan, up 14.8% from a year earlier. Its smart electric vehicle, AI and new initiatives segment contributed 21.3 billion yuan, supported by record deliveries of 81,302 vehicles during the quarter. Global smartphone shipments rose 0.6% to 42.4 million units, marking the eighth straight quarter of growth.
According to Canalys data cited by the company, Xiaomi retained its position among the top three global smartphone vendors for the 20th consecutive quarter with a 14.7% market share. The company’s global monthly active users reached 731.2 million in June, up 8.2% year-on-year, while connected IoT devices grew 20.3% to 989.1 million.
Research and development spending rose 41.2% to 7.8 billion yuan, as Xiaomi sought to strengthen investment in core technologies. In mainland China, the company ranked first in smartphone unit sales, with premium models accounting for 27.6% of total sales, an increase of 5.5 percentage points from last year.