Xiaomi just released its financial report for the first half of 2019 and the numbers are good. Revenues stood at CNY 95.71 billion ($13.56 billion), a 20% improvement compared to the first half of last year. Adjusted net profits came out to CNY 5.72 billion ($810.36 million) which is a 49.8% year on year increase. Looking into phone shipments, Xiaomi managed to move 60 million units in the period despite stagnating global market.
Outside of the smartphone business, Xiaomi’s TV line also proved to be a big success as the company ranked first in China with 5.4 million units for the period and is now a top-five TV manufacturer on the global stage.
Xiaomi’s CEO Lei Jun said he was pleased with the performance and commented that the company will further its 5G and IoT commitment while also increasing R&D spending. Speaking of investments Xiaomi’s R&D expenses totaled CNY 3.3 billion ($467.44 million) which is 30% more than last year.
Xiaomi is boasting its IoT solutions are now running on 196 million devices across the world. Internet services revenue increased to CNY 8.8 billion ($1.25 billion) which is a 108% improvement compared to H1 2018.