In the last few months, Xiaomi is hard at work in improving their presence in a lot of countries. In the Philippines, the company has already opened two new physical stores, with a third one rumored to open in the near future.
The Chinese tech giant has also established a strong online presence by putting up official stores in Shopee and Lazada. And as it turns out, the global expansion that they are currently doing is effective as the company poses substantial growth in their recent earnings report.
According to Xiaomi, they have earned a net profit of RMB14.633 Billion (~Php113.85 billion) in Q2 of 2018. That is an impressive 68.3% year-over-year growth for the company.
Xiaomi credits this success with their growth in different markets around the world. For one, the company is ranked first in smartphone shipments in India, which is one of the biggest markets in the globe today.
It also took the second spot in Indonesia, they also made it in the top five list in other 25 countries. Also, it’s worth noting that their smartphone shipments in Western Europe had a staggering YoY growth of 2700%.
Being their top products, Xiaomi recorded a 58.7% YoY growth in their smartphone business. But the biggest winner here is their IoT (Internet of Things) and lifestyle products, which had a 104.3% YoY increase.
Xiaomi also said that their loyal customers have contributed to the latest numbers. The company saw an increase in monthly active users of their MIUI operating system, as well as their IoT platform, which was driven by the aforementioned large number of sales on the said products.
We expect Xiaomi to conquer new heights as they are now part of Hong-Kong IPO, and as they continue their new Triathlon business model, which focuses on hardware, new retail, and internet services.