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Xiaomi Q1 earnings: 27.9 million mobile phones worldwide
Recently, Xiaomi entered 2019 with a bang with its Mi 9 flagship and Redmi Note 7 series. The company released its earnings report for Q1 and the numbers are better than expected.
Xiaomi Group released its first quarter earnings report for 2019. In the first quarter of this year, Xiaomi Group's total revenue was RMB 43.8 billion yuan (US$6.3 billion), up 27.2% year-on-year; the adjusted profit was RMB 2.1 billion, up 22.4% year-on-year.
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During the reporting period, the number of IoT devices connected to the Xiaomi IoT platform reached 171 million units (excluding smartphones and laptops), an increase of 70% year-on-year. The artificial intelligence assistant Xiaoai students had more than 45.5 million monthly users in March 2019, a year-on-year increase. 247.2%.
Thanks to solid sales outside its home market of China, Xiaomi recorded CNY 43.8 billion ($6.3 billion) in revenue which is a 27% increase compared to the same period last year and 1.7 billion more than the previously estimated CNY 42.1 billion. The adjusted net income is valued at CNY 2.1 billion up from CNY 1.7 billion in Q1 of 2018.
Despite the stagnating domestic market and 21% decline in Chinese smartphone shipments, the brand shipped 27.9 million units globally ranking it fourth worldwide for the quarter. Xiaomi is India’s top smartphone seller for the seventh straight quarter in a row and managed to crack the top four in Western Europe with a 115% growth in shipments for the region. Global MIUI users are now estimated at 260 million which is a 37% year-on-year increase.
During the reporting period, Xiaomi's smartphone revenue was RMB 27 billion, a year-on-year increase of 16.2%, and global sales reached 27.9 million units. According to the research agency Canalys, the shipment of Xiaomi smartphones ranked fourth in the world in the first quarter of 2019. During the reporting period, the average selling price (ASP) of Xiaomi's smartphones in mainland China and overseas markets increased by 30% and 12%, respectively, and continued to stabilize the mid- to high-end market.
The Redmi Note 7 series sold more than 4 million units during the reporting period. The Xiaomi 9 series was released on February 20, 2019. By March 31, 2019, the supply volume exceeded 1.5 million in 41 days, and in early April 2019, the sales volume exceeded 1.5 million.
Moreover, its smartphone business Xiaomi is betting big on its IoT devices where it now passed 171 million units which is 70% more than last year. The brand's internet services business also grew by 31.8%. Mi Home stores are also expanding at a steady pace with a total of 480 authorized shops around the world out of which 79 were located in India.
Let's listen some voice behind this news,
"Today = Huawei killed. Over 500,000,000 million uses with no option as Huawei as next phone;
2 years later = Xiaomi breaking records. Gained 300 million users out of no where lol" "Xiaomi is gonna be the next Huawei on Top"
"Xiaomi is a great company. I remember it was even branded iPhone for poor on the internet. Hahaha...! Jokes aside I think Xiaomi is doing a great job in bringing great phones at cheap prices. Before Xiaomi entered the market I remember that phones were very costly."
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