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Xiaomi Q2 Revenue Soars 32% to 88.89 Billion Yuan, Driven by EV Success and Smartphone Recovery

Aug 21, 2024, 09:53 AM

Xiaomi Corp has reported a significant 32% increase in its second-quarter revenue, reaching a record high of 88.89 billion yuan (~$12.5B), surpassing market expectations of 86.85 billion yuan. This growth marks Xiaomi's fastest pace of revenue increase since 2021 and is attributed to the success of its new electric vehicles and a recovery in the global smartphone market. The company's adjusted net profit rose by 20.1% year-on-year to 6.2 billion yuan (~$715M).