Xiaomi posts 84.4% YoY increase in profits in Q2 2021, acquires self-driving startup Deepmotion for $77.3 million

Xiaomi has reported its earning for the second quarter (Q2 2021) that ended June 30, 2021. It reported revenue of 87.8 billion yuan (US$ 13.56 billion), an increase of 64% compared to Q2 2020. Net profit for the quarter was approximately 6.3 billion yuan (US$1.28 billion), up 87.4% YoY. The company said that the total revenue and adjusted net profit both reached record highs in the quarter, demonstrating the excellence of the business model and the robustness of its operations.

Xiaomi’s smartphone revenue amounted to 59.1 billion yuan for the year, up 86.8% year-over-year. In the quarter, it shipped 52.9 million units, up 86.8% year-over-year. In Q2, Xiaomi sold approximately 12 million premium smartphones globally with retail prices at or above 3,000 yuan in mainland China and 300 Euros, or equivalent, in overseas markets.

  • Revenue from IoT and lifestyle products segment reached 20.7 billion yuan, up 35.9% year-over-year.
  • In Q2 2021, global shipments of Xiaomi’s smart TVs reached 2.5 million units.
  • Revenue from IoT and lifestyle products in overseas markets increased by 93.8% year-over-year in the quarter. Electric scooters, smart TVs, smart bands, and smartwatches maintained their widespread popularity in the overseas market.
  • As of June 30, 2021, the number of connected IoT devices (excluding smartphones and laptops) on Xiaomi’s AIoT platform reached 374.5 million units, up 34% YoY
  • The number of users with five or more devices connected to Xiaomi’s AIoT platform (excluding smartphones and laptops) reached 7.4 million, representing a year-over-year increase of 44.5%.
  • MAU of smart TVs and Mi Box increased over 17.1% year-over-year in the quarter.

Xiaomi to acquire Deepmotion for $10 billion

Xiaomi also said it will acquire autonomous driving technology startup Deepmotion for about $77.3 million. It said that this will “enhance the technological competitiveness” of its electric vehicle business. This comes after Xiaomi announced a $10 billion investment in the smart electric vehicle business over the next decade.

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