Vertical Divider
Xiaomi Reports Q221 Revenue of $13.6b and Net Income of $1.3B
During the quarter, Xiaomi had a 64% Y/Y growth in revenue, and its net income surged over 80% Y/Y. The company’s smartphone revenue grew to $9.1 billion, thanks to a just as impressive jump in its smartphone shipment to 52.9 million units as it topped Apple to become the world’s second-largest smartphone vendor, according to market intelligence firm Canalys and IDC. Xiaomi’s revenue from Internet of Things and lifestyle products category also saw a 36% jump in revenue to $3.2 billion. Shortly after reporting its earnings results, the company said it will buy the four-year-old autonomous driving technology startup Deepmotion for about $77.3 million. The investment follows Xiaomi’s bold plan to invest $10 billion over the next decade in the electric vehicles space. Xiaomi is the latest Chinese tech company to enter the EV industry. Chinese search engine giant Baidu earlier this year announced that it would be making EVs with the help of automaker Geely. In November, Alibaba and Chinese state-owned carmaker SAIC Motor said they are cooperating to produce electric cars. Ride-share leader Didi and EV maker BYD are also co-designing a model for ride-hailing.
During the quarter, Xiaomi had a 64% Y/Y growth in revenue, and its net income surged over 80% Y/Y. The company’s smartphone revenue grew to $9.1 billion, thanks to a just as impressive jump in its smartphone shipment to 52.9 million units as it topped Apple to become the world’s second-largest smartphone vendor, according to market intelligence firm Canalys and IDC. Xiaomi’s revenue from Internet of Things and lifestyle products category also saw a 36% jump in revenue to $3.2 billion. Shortly after reporting its earnings results, the company said it will buy the four-year-old autonomous driving technology startup Deepmotion for about $77.3 million. The investment follows Xiaomi’s bold plan to invest $10 billion over the next decade in the electric vehicles space. Xiaomi is the latest Chinese tech company to enter the EV industry. Chinese search engine giant Baidu earlier this year announced that it would be making EVs with the help of automaker Geely. In November, Alibaba and Chinese state-owned carmaker SAIC Motor said they are cooperating to produce electric cars. Ride-share leader Didi and EV maker BYD are also co-designing a model for ride-hailing.
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