Published: Fri, August 23, 2019
Electronics | By Kelly Massey

Overseas business continues to be Xiaomi's biggest revenue driver for Q2

Overseas business continues to be Xiaomi's biggest revenue driver for Q2

Jia Mo, an analyst at market research company Canalys, said the USA government's ban on Huawei has caused uncertainty overseas, but "in China, it has kept its foot on the accelerator".

In the first half of the year, Xiaomi's revenue from global markets grew 33.8 per cent to 38.6 billion, accounting for more than 40 per cent of the Group's total revenue.

Despite the pressure from Huawei, Xiaomi said on Tuesday that the company posted 52 billion yuan ($7.4 billion) in revenue in the second quarter of 2019, up 14.8 percent year-on-year.

The company is weathering a bleak domestic smartphone market as economic growth in China slows and Chinese consumers rally in support of beleaguered rival Huawei.

The Hong Kong-listed company, which recently joined the Fortune Global 500 list, saw its profits drop to RMB 1.96 billion in the second quarter of 2019 from RMB 3.19 billion for the previous quarter.

The smartphone shipment of Xiaomi in the second quarter this year was 32.1 million, ranking the fourth spot in the world for consecutive six quarters.

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Xiaomi's Redmi Note 7 ranked third among Europe's top-shipping smartphones in Q2, with 2 million sell-in shipments, Canalys analysis shows.

The company, which listed previous year, gets the majority of its revenue from mobile handsets, but also makes money selling online ads and other consumer devices.

Canalys noted Xiaomi has benefited from its early work in 5G, which "is helping foster new operator partnerships while the range of available 5G smartphones is limited". Ever since the ban was enforced by the United States government on Huawei, Chinese customers have come in support of the telecommunications giant.

In the same period a year ago, the IoT and lifestyle products segment only provided 23% of the company's total revenue.

Three of the companies Xiaomi invested in listed on China's newly-opened STAR market, and helped it generate asset-divestment gains of 551.8 million yuan.

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