Global technology giant Xiaomi has announced its second quarter financial results for 2024. The company’s adjusted net profit during this period reached approximately $869 (RMB 6.2 billion) million, an increase of 20.1 percent year-on-year. This growth demonstrates Xiaomi’s increasing influence in the global market and its progress in various business lines.

Xiaomi had an active quarter across multiple business lines

According to figures released by Xiaomi, the company’s total revenue increased by 32 percent to $12.4 billion (RMB 88.9 billion). It generated $5 billion (RMB 46.5 billion) in revenue, while IoT and lifestyle products generated $3.8 billion (RMB 26.8 billion).

Internet services was another business line that managed to increase its revenue with $1.2 billion (RMB 8.3 billion). One of Xiaomi’s new initiatives, the electric vehicle segment, also managed to generate $900 million (RMB 6.4 billion) in revenue.

Xiaomi’s global smartphone sales also showed impressive performance. The company shipped 42.2 million phones during the period, registering a 28.1 percent increase and increasing its market share to 14.6 percent. With these figures, the Chinese company has remained one of the top three smartphone makers worldwide for the last 16 quarters, according to Canalys.

The company’s activities in the electric vehicle sector have also gained remarkable momentum. The company delivered more than 27,000 smart electric vehicles in the second quarter. Xiaomi’s electric vehicle factory plans to deliver 120,000 vehicles by the end of the year. In addition, Xiaomi’s goal of producing the fastest four-door electric vehicle on the track also stands out as an important strategy in this area.

What do you think about this topic? Don’t you think Xiaomi’s rise is impressive? You can share your opinions in the comments.