Xiaomi Corp reported a surge in its second-quarter revenue. In addition to the reportage, the smartphone maker company further revealed an expansion plan into the autonomous driving market.
Xiaomi: second-quarter revenue beats expectations
Quoted from Reuters, the second-quarter revenue for Xiaomi jumped 64% from last year.
Accordingly, sales for Xiaomi reached 87.8 billion yuan ($1.56 billion). In comparison, the Chinese smartphone maker recorded 53.54 billion a year earlier. The figure also exceeds analyst estimates at 84.53 billion yuan.
Additionally, Xiaomi also beat analyst expectation with an 87.4% surge in its year on year net income to 6.32 billion yuan.
Recent US government sanctions against Huawei Technologies gave Xiaomi and other Chinese Android makers like Oppo and Vivo chances to grow their market share.
As noted from Reuters, Xiaomi’s share of the global smartphone market skyrocketed 83% year-on-year in the quarter ended in June, research firm Canalys revealed. The company shipped around 52.8 million phones and shoved Samsung and Apple to become the world’s second top-delling brand for the first time in its history.
Xiaomi’s domestic raw unit shipments, however, still falls behind Oppo and Vivo.
Xiaomi to extend business, chooses autonomous driving
On the same day, Xiaomi announced its acquisition of driving startup Deepmotion. The acquisition deal involves $77.37 million and signs Xiaomi’s business extension.
Wang Xiang, the President of Xiaomi, said that it is looking to boost its own &D efforts in the area.
While there still no formal announcement upon any partnerships or plans for its mode, public found out that the company is currently recruiting talent on job-seaching sites.
Chine Evergrande Group was also reportedly in talks to sell its EV unit to Xiaomi. The news has been circulating since last week. In response to the news, Xiaomi said to be in touch with various automakers. Though, the company further added to have not yet decided on which company to work with at that time.
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