Xiaomi Reports Net Profit of ¥14.2 Billion for First Half of 2024

Chinese tech giant Xiaomi has released its financial results for the first half of 2024. According to the report, revenue for this period reached ¥208.06 billion, a 8.4% decline compared to the same period last year. Despite the revenue drop, net profit attributable to shareholders amounted to ¥14.19 billion.

In the second quarter of 2024, Xiaomi's revenue exceeded ¥100 billion, suggesting a gradual recovery in business performance. The report covers all key business segments, including smartphones, IoT devices, internet services, and electric vehicles. Earlier, Xiaomi announced that shipments of its SU7 electric vehicle surpassed 500,000 units, though the current report provides deeper insights into the company's financial health.

Analysts note that the revenue decline may be attributed to intense competition in the smartphone market and slowing growth in the IoT segment. However, stable profits and rising EV shipments indicate successful business diversification and the identification of new growth drivers.