Xiaomi Publishes Highlights Of 1H 2020, Achieves Profits

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Comserve Inc.

Aug 29, 2020, 16:00 EST

Bronx, United States, Aug 29, 2020, 16:00 /Comserve / -- Xiaomi Corporation announced its unaudited consolidated results for the three and six months ended on Jun. 30, 2020.

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Hong Kong, August 27, 2020 — Xiaomi Corporation announced its unaudited consolidated results for the three and six months ended on Jun. 30, 2020. Xiaomi is an internet company that creates smartphones and smart hardware connected by an Internet of Things platform at its core.

The financial highlights of 1H 2020 saw the total revenue which amounted to RMB 103.24 billion. This represents an increase of 7.9% year-over-year (YoY) and beat the market consensus. The gross profit was recorded at approximately RMB 15.26 billion, which was up by 22.3% YoY. Similarly, the profit for the period was recorded as approximately RMB 6.65 billion beating the market consensus. The earnings per share were RMB 0.279.

Similarly, according to the financial highlights of Q2 2020, the total revenue was approximately RMB 53.54 billion. This was up 3.1% YoY and 7.7% quarter-on-quarter (QoQ). The gross profit was approximately RMB 7.70 billion which was up 6.1% YoY and 1.9% QoQ. For the period, the profit was recorded approximately as RMB 4.49 billion which was up 129.8% YoY and 108% QoQ. The earnings per share were RMB 0.189.

Xiaomi’s diversified business ecosystem, despite the impact of the pandemic along with other global uncertainties, has shown resilience. This was proved when both revenue and adjusted profits beat the market consensus with their operations continuing to expand, all in the first half of 2020. This was the second time that Xiaomi has made the Fortune Global 500 list with a rank of 422 which is up 46 places from last year.

Founded in April 2010, Xiaomi was also named in the Fortune’s China 500 list once again, in July. It ranked 50th which is up by three slots from 53rd last year. The company is also standing in the 24th position among the world’s 50 most innovative companies of 2020. This is according to Boston Consulting Group. Apart from this, it ranks at No. 384 on the Forbes Global 2000 list for 2020.

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