Xiaomi’s ecological chain partner Huami has announced its quarterly financial report for the second quarter of the year. The company reported revenue of RMB1.137 billion, or US$161.0 million for the second quarter which ended on June 30, 2020.
The revenue is slightly higher than what the company posted in the first quarter which is RMB 1.0885 billion ($153.7 million) but the net profit of 13.3 million for Q2 is 85% lower than the 89.4 million yuan profit posted in Q2 2019. That means the company spent a higher amount on operational costs, perhaps as a result of the COVID 19 pandemic.
“I am proud of our teams and our brands that generated revenue growth of 9.5% in the second quarter and 21.1% for the first half of 2020, with the challenges of the worldwide pandemic,” said Wang Huang, Chairman and CEO of Huami.
“New products introduced in the first half of the year, including smartwatches, earbuds and other smart health devices helped our growth, although the pandemic did alter the magnitude of our and the industry’s growth. Interest in our new smart health devices and the recent success in the application of our proprietary health data analysis tools for healthcare insurers and providers give us confidence in our strategy, growth and future guidance,” he added.
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