China’s Xiaomi’s profit jumped a record 64 percent year-on-year in the second quarter as the company increased its share of the global smartphone market and developed in the area of Internet connectivity (IoT).
Xiaomi’s second-quarter sales reached 87.8 billion yuan ($ 13.56 billion), up from 53.54 billion in the same period last year, above analysts’ estimates of 84.53 billion yuan.
Net income of 6.32 billion yuan is 87.4 percent higher than the second quarter of last year and also far exceeded expectations, reports Hina.
U.S. government sanctions against Xiaomi’s rival Huawei have effectively devastated the technology giant’s smartphone business and allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to increase its market share. Xiaomi’s share of the global smartphone market rose 83 percent year-on-year in the quarter ended June, according to research firm Canalys.
In doing so, it shipped 52.8 million phones, making it the second best-selling brand in the world for the first time in its history, behind Samsung and ahead of Apple.