Sales reached CNY 87.8 billion up from 53.54 billion a year
earlier and beating analyst expectations of CNY 84.53 billion.
Net income reached CNY 6.32 billion, up 87.4 percent year on
year and above analyst expectations.
US government sanctions against Xiaomi's rival Huawei
effectively crippled the tech giant's smartphone division and has allowed
Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their market
shares.
Xiaomi's share of the global smartphone market grew 83
percent year-on-year in the quarter, ended in June, according to research firm
Canalys. It shipped 52.8 million phones, making it the world's second
top-selling brand for the first time in its history, behind Samsung and ahead
of Apple.
Domestically, however, the company still ranks behind Oppo
and Vivo in terms of raw unit shipments.
On Wednesday, Xiaomi also announced that it is acquiring
autonomous driving startup Deepmotion for approximately $77.37 million, in a
bid to boost its own R&D efforts in the area, the company's President Wang
Xiang said.
In March, Xiaomi announced it would spend $10 billion to
enter the electric vehicle sector. The company has yet to formally announce any
partnerships or plans for its first model, though public posts on job-searching
sites show the company is recruiting talent aggressively.
Last week Reuters reported that China Evergrande Group was
in talks to sell its EV unit to Xiaomi. Xiaomi said it has been in touch with
various automakers, but it has yet to decide which one to work with.
The company derives the vast majority of its revenue by
selling mobile handsets, but it also makes money by selling online ads and
other types of consumer hardware.
Growth in Xiaomi's Internet services unit, which makes money
primarily by placing advertisements across various apps, grew 19.1 percent
year-on-year.
© Reuters
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