wordpress blog stats
Connect with us

Hi, what are you looking for?

Smartphones earn 67% of Xiaomi’s revenue in maiden earnings call

Xiaomi Corp. posted profits of 14.6 billion RMB ($2.1 billion) in its first quarterly earnings call after the company went public in July. The group said it grew by 68% posting revenue of 45.2 billion RMB ($6.6 billion). The bulk of Xiaomi’s revenue this quarter came from its smartphone sales, which accounted for 30.5 RMB or 67% of its 45.2 RMB revenue this quarter. Revenue from just the smartphone segment grew YoY by a staggering 59%. Xiaomi said it sold 32 million units in the quarter, as against 22 million in the same quarter last year, representing a YoY growth of 45% units sold.

India market

Xiaomi’s international market accounted for 36% of total revenue in the quarter, with rapid growth in India; the company claims it was ranked first in the country by shipments in the quarter. The company overtook Samsung in 2017 to take the first place in the India’s smartphone market and solidified its position bagging 31% of the market share in Q1 2018, while Samsung captured 26% of the market, as reported by Livemint. The company’s overseas revenue grew 152% YoY to RMB16.4 billion. The company also said it grew significantly in Indonesia, South-east Asia’s richest economy, and made strides in Western Europe.

Internet services

Although internet services accounts for just 3.3% of the company’s total revenue, sales from the segment grew by 64% YoY to RMB4.0 billion, primarily on the back of monetization in China. Revenue from internet value-added services also grew 54% YoY to RMB1.5 billion. “The internet services growth is highly related to their smartphone sales, especially in China,” Elinor Leung, CLSA Ltd.’s head of Asian telecoms and internet research, told Bloomberg Television. “The good thing is that we’re still seeing good momentum in China although the shipment number is not going up a lot.”

Other takeaways

—The company’s IoT segment, whose main offerings are Smart TVs and laptops, accounted for 21% of the total revenue for the quarter. It grew by 104% YoY from RMB5.1 billion to RMB10.4 billion in the second quarter of 2018.
Monthly active users of MIUI increased 42% YoY from 146 million to 207 million. This can be seen as a parallehl development with increased smartphone sales and automatic user adoption.

Financials

Advertisement. Scroll to continue reading.

Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ