Xiaomi reports record revenue and profit, 163.8% increase in profit in Q1 2021

Xiaomi has reported its earning for the first quarter (Q1 2020) of 2021 that ended March 31, 2021. It reported revenue of 76.9 billion yuan (US$ 12.03 billion), an increase of 54.7% compared to Q1 2020.  Adjusted net profit (Non-IFRS Measure) was 6.1 billion yuan, an increase of 163.8% year-over-year. The company said that both the revenue and adjusted net profit reached record highs in the quarter. Revenue from overseas markets increased 50.6% year-over-year to 37.4 billion yuan.

Xiaomi’s smartphone revenue amounted to 51.5 billion yuan for the year, up 69.8% year-over-year. In the quarter it shipped 49.4 million units, up 69.1% year-over-year. In Q1, Xiaomi sold approximately 4 million premium smartphones globally with retail prices at or above 3,000 yuan in mainland China and 300 Euros, or equivalent, in overseas markets.

Xiaomi’s market share for smartphones with prices between 4,000 and 6,000 yuan in mainland China increased to 16.1% in Q1 2021 compared to 5.5% in the first quarter of 2020.

  • Revenue from IoT and lifestyle products segment reached 18.2 billion yuan up 40.5% year-over-year. In Q1 2021, global shipments of Xiaomi’s smart TVs reached 2.6 million units. Revenue from IoT and lifestyle products in overseas markets increased by 81.1% year-over-year in the quarter.
  • As of March 31, 2020, the number of connected IoT devices (excluding smartphones and laptops) on our AIoT platform reached 351.1 million units
  • The number of users with five or more devices connected to our AIoT platform (excluding smartphones and laptops) reached 6.8 million, representing a year-over-year increase of 48.9%.
  • MAU of smart TVs and Mi Box increased over 34.0% year-over-year in the quarter.

Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram