TMTPOST -- Xiaomi Corporation on Tuesday posted much stronger-than-expected profit for the second quarter as margin of its emerging electric vehicle (EV) business offset weakening smartphone unit.

Credit：Xiaomi Auto

Xiaomi shattered quarterly records of both the top and bottom line. Revenue for the quarter ended June 30 gained 30.5% year-over-year (YoY) to RMB115.96 billion ($16.2 billion), topping analysts anticipated RMB115.3 billion. Adjusted net income soared 75.4% YoY to RMB10.83 billion, beating expected RMB9.2 billion by 29.2%. Gross margin advanced 1.8 percentage points YoY to 22.5% and dropped 0.2 points compared with the previous quarter, still better than expectation of 22.3%.

张开剩余59%

Xiaomi’s original and largest business smartphone for the June quarter dragged the headline sales and profit. Revenue from the segment fell 2.1% YoY to RMB45.5 billion, missing analysts estimated RMB48.3 billion by 5.8%. While global smartphone shipments reached 42.4 million units, edging up 0.6% YoY, the average sales price (ASP) of smartphones shed 2.6% YoY after a 5.8% YoY gain for the first quarter. That was the first decline in ASP over the past year, which led to decrease in revenue for the second quarter.

Xiaomi’s No.2 business IoT and lifestyle products generated RMB38.7 billion, up 44.7% YoY. The revenue slowed down from a 58.7% YoY increase in revenue for the March quarter. The slowdown reflected lackluster demand in the hardware market.

Xiaomi’s EV division was fueled by sales of its first premium EV SU7 Ultra, which lifted theASP of cars to RMB253,000. Revenue from the Smart EVj9九游会真人, AI and other new initiatives umped 26.4% YoY to 21.26 billion, versus analysts’ anticipation of RMB21.05 billion. Losses from the segment narrowed to about RMB300 million. Gross margin gained 8.1% percentage points YoY to 26.4%, well above estimated 23.5%. The gross margin overtook that of U.S. EV titan Tesla Inc. and Xiaomi’s domestic peer Li Auto.

发布于：北京市

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