Xiaomi reports 64% revenue growth in Q2 2021 | Acquires driving startup Deepmotion

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Xiaomi has published its earnings report for the second quarter of 2021. The Chinese tech company reported a revenue of $13.56 billion and saw a net income of $1.28 billion during the quarter that ended in June. Xiaomi saw a growth of 80% year-on-year in its net income, and its revenue was 64% high from the same time in 2020. 

 

>>> Xiaomi Was The Top Smartphone Seller In Europe

 

 

Out of its total $13.56 billion revenue, around $9.1 billion was all thanks to its smartphone business. Xiaomi also acknowledged that it passed Apple to become the #2 smartphone brand globally. It shipped an impressive 52.9 million units of smartphones in the quarter. 

“During the second quarter of 2021, our core ’Smartphone × AIoT’ strategy continued to underpin our outstanding performance. Looking forward, we will continue to execute our dual-brand strategy, boost investments in advanced technology, recruit and foster talents and upgrade channel capabilities, enhance our premium smartphone offerings and improve user experience.” - Xiaomi Corporation 

 

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Xiaomi’s overseas revenue was $7.1 billion, and it was the top seller in 22 markets around the world, including countries like Italy, France, Spain, and more. Its revenue from the Internet of Things (IoT) and lifestyle products category also saw a 36% jump in revenue to $3.2 billion.

After the earnings report, Xiaomi also announced that it is acquiring autonomous driving startup Deepmotion for approximately $77.37 million to boost its R&D efforts. The company has previously mentioned that they are entering the EV market, and in March announced it would spend $10 billion over the next decade in the electric vehicles market. 

 

 

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