The Chinese technology giant’s significant growth in smartphone market share internationally recorded $1.28 billion net income for the second quarter of $13.56 billion.
Xiaomi said in the quarter ending in June that revenues grew by 64% year-on-year and its net profit increased by over 80% year-on-year.
According to market intelligence firm Canalys, Hong Kong’s smartphone sales increased to $9.1 billion, as its smartphone shipments jumped to 52.9 billion units in the quarter, which led to Apple being the World’s second-largest smartphone provider.
The US government sanctions on Huawei, Xiaomi’s domestic primary rival, contributed to the younger company’s rise of market share, both locally and abroad, along with some other producers.
Xiaomi’s Internet of Things revenues and the area of lifestyle items have also saved 36 percent to $3.2 billion in revenues.
Shortly after reporting profits, the Company said that it will purchase Deepmotion for around 77.3 million USD, the four years old autonomous driving technology firm. This investment is in accordance with Xiaomi’s audacious aim to invest $10,000,000 in electric cars in the next decade.
The Chinese IT business Xiaomi has joined the EV sector for the most recent time. Earlier this year, Baidu, China’s search engine behemoth, revealed it is manufacturing electrical vehicles using Geely. Alibaba and Chinese manufacturer SAIC Motor stated in November that they teamed together to create electric automobiles. Didi and EV manufacturer BYD also works to co-design a ride-hailing concept.