Xiaomi revenue hits record 64% as global phone sales increase

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SHENZHEN, China, August 25 (Reuters)Xiaomi Corp 1810.HKsaw his second quarter revenue rose a record 64% from the previous year, he said on Wednesday, as the company increased its share of the global smartphone market and widened the footprint of its “IoT” products.

Sales achieved 87.8 billion yuan ($ 13.56 billion), against 53.54 billion a year earlier and beating analyst expectations of 84.53 billion yuan.

Net profit reached 6.32 billion yuan, up 87.4% year after year and above analysts’ expectations.

US government sanctions against Xiaomi rival Huawei Technologies effectively crippled the tech giant’s smartphone division and allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their shares. Steps.

Xiaomi’s share of the global smartphone market grew by 83% year-on-year during the quarter, which ended in June, according to research firm Canalys. 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. 005930.KS and in front of Apple AAPL.O.

($ 1 = 6.4755 yuan Chinese renminbi)

(Reporting by David Kirton in Shenzhen and Josh Horwitz in Shanghai; Editing by Edmund Blair and Steve Orlofsky)

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