Xiaomi Q2 Revenue RMB 108.9B, Net Profit RMB 9.46B Beat Estimates; Storage Price Hikes and Weak Demand Drag Phone Shipments Down 26.5% | Caixin Global

Xiaomi's total revenue in Q2 was RMB 108.92 billion, down 6.1% year-on-year but up 9.9% quarter-on-quarter; net profit was RMB 9.46 billion, down 20.3% year-on-year but beating market consensus. A surge in component costs driven by a global shortage of memory chips ran through the entire earnings report—smartphone gross margin plunged to 8.5% from 11.5% a year earlier, while overall gross margin fell to 19.8% from 22.5%, hitting a multi-year low.