Xiaomi Stock Pops 6% on Earnings Beat and EV Momentum
TLDR
- Xiaomi stock jumped 5.6% to HK$27.64 following its Q2 2026 earnings release
- Q2 revenue came in at RMB 108.9 billion ($16.15 billion), down 6.1% year-on-year but beating expectations
- Smartphone average selling prices hit a record high, with gross margin of 8.5% beating expectations despite high memory costs
- EV unit delivered 104,199 vehicles in Q2; global monthly active users hit a record 766.5 million
- Management said memory cost increases are slowing, and pre-sale orders for the new Pengcheng EV model beat internal targets
Xiaomi stock jumped 5.6% to HK$27.64 on Tuesday after the company posted Q2 2026 results that beat market expectations, easing concerns about rising component costs and slowing smartphone demand.
Q2 revenue came in at RMB 108.9 billion, or roughly $16.15 billion. That was down 6.1% year-on-year but up 9.9% from Q1 2026, and it came in ahead of what analysts had pencilled in.
Gross profit fell 17.2% from the same quarter last year to RMB 21.6 billion. Operating profit dropped 19.1% annually to RMB 10.9 billion. The year-on-year declines reflect the pressure from higher memory component costs and tougher competition flagged by the company.
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