NewDonate for Education

    Select City

    Find New Phone
    Buy Accessories
    0 Device Added

    Xiaomi’s Revenue Grows in Q2 2020 In-spite Of Coronavirus


    Revenue from the company’s smartphone sales accounts for nearly two-thirds of its revenue.

    By Susshmita Choubey - 
    27th Aug 2020

    Highlights of the Story

    • Sales in the quarter ending June 30 rose to CNY 53.54 billion.
    • It beat analysts’ expectations of CNY 51.41 billion.
    • The company reported revenue growth of 3.1% in the second quarter.

    Chinese leading smartphone company, Xiaomi has reported revenue growth of 3.1% in the second quarter. Moreover, it announced profit had more than doubled due to its high-end smartphone business.

    Xiaomi’s Acting CFO, Wang Xiang, says, “the sale of our smartphones has reached a huge breakthrough in the second quarter.

    Also Read: Samsung Working On Budget-Friendly 5G Phone: Galaxy A32

    What does the company say?

    The sales rose to CNY 53.54 billion (roughly Rs. 57,738 crores), leading the revenue to rise up to 3.1% in the quarter ending June 30. However, a year back, it was CNY 51.95 billion.

    The overall revenue from the Xiaomi smartphone business accounts for nearly two-thirds of its revenue. It was reduced by 1.2 percent to CNY 31.6 billion. Moreover. the company has sold over 28 million smartphones in this quarter.

    The sales of high-end phones in the overseas markets were 99.2% per year. 

    According to the company, Xiaomi’s high-end phone saw “explosive growth” in Europe. The shipments for smartphones in Europe were up by 64.9%. This, in turn, led to a profit of 129.8% to CNY 4.49 billion.

    According to Refinitiv data, the company reported an adjusted net profit of CNY 3.37 billion. This beats the average market estimate of CNY 2.24 billion.

    Also Read: Samsung Galaxy S20 Quick Review

    The company is heavily dependent on its overseas markets especially India to increase its growth. The company’s revenue from overseas markets grew 10 percent year on year in the second quarter, accounting for 44.9 percent of its total revenue.

    Xiaomi sales in India started to improve as the lockdown period came to an end in the second quarter. However, restrictions on production have impacted sales a lot. 

    Meanwhile, heated issues between the two countries have brought a backlash on the Chinese tech-firms. This all is happening with banning a lot of Chinese apps in India. Out of all the apps, two of them were owned by Xiaomi.

    Wang says the company will continue “to promote the mutual understanding and trust between people in India and China.”

    They are trying their best to maintain their overseas sales, especially in India where they have the most consumers.

    Also read: Exchange Offers


    Featured Videos

    • OnePlus 9RT vs OnePlus 9R – Which is the Best One for You?
      The OnePlus 9R was launched in April as a reasonable and appealing option for smartphone users who did not want to spend more than Rs 40,000. Then the 2021 launches rolled down, and the OnePlus 9R was no longer as competitive as it had been– it had simply become the most affordable way to get…
      17th Sep 2021
    • How to Watch IPL 2021 Free With Vi, Airtel, Jio Plans – Here’s How
      The IPL 2021 resumption matches have been scheduled to kick off from September 19, 2021. When it comes to the location, the matches will be held in the United Arab Emirates (UAE). Now, as the IPL 2021 schedule and stadium information are out of the way, let us talk a bit about the matches. The…
      13th Sep 2021
    • Should You Buy iPhone 11 in 2021? iPhone 11 Quick Recap
      In this article, we will be talking about a very popular Apple phone which is the iPhone 11. There is a huge confusion revolving around whether one should buy this iPhone in 2021 or not? Hence, we will be talking about 5 reasons that make buying the iPhone 11 worth it even in 2021.  Also…
      1st Sep 2021
    • Should you buy iPhone 12 in 2021? Or wait for iPhone 13?
      Should you buy iPhone 12 in 2021? Or wait for iPhone 13?
      10th Aug 2021
    • Tecno Camon 17 First Impressions – Top 5 Reasons To Buy
      Lately, Tecno has been slaying the competition in the sub-Rs10,000 price bracket. Last we made a video of Tecno Spark 7, which was launched at Rs 8,999. Today, the brand has sent us their Tecno Camon 17, which is launched in India at Rs 12,999. Processor Gone are the days when we used to complain…
      23rd Jul 2021
    Get maximum cash for your old smartphone