Xiaomi Posts Record Profit and Revenue in 1Q21

Xiaomi had a record-breaking first quarter of 2021. Chinese vendor posted record net profit and revenue highs in 1Q21, fuelled by its smartphone business.

Profit of CNY14.2 billion ($2.2 billion) was up 87.4 percent year-on-year, with revenue growing 54 percent to CNY76.9 billion. Xiaomi stated the period demonstrated the robustness of its business model and execution of strategy, with rising smartphone shipments driving its global user base.

Smartphone sales of CNY51.5 billion were up 68.9 percent, on shipments of 49.2 million units, up 69.2 percent. Xiaomi noted Canalys placed it in third place in global shipments during Q1 with a 14.1 per cent market share.

In the premium segment, a key growth target, shipments exceeded 4 million units, giving it a 16.1 percent market share. Xiaomi’s IoT and lifestyle products were also bright points, with revenue increasing 40.5 percent to CNY18.2 billion, driven by TV shipments in mainland China and smart home hardware. Internet services grew 11.4 percent to CNY6.6 billion.