Consumer electronics company Xiaomi Corporation has announced revenues of 87.8 billion yuan (US$13.5 billion) in the second quarter of this year, representing 64 per cent increase year-over-year.

Net profit was 6.3 billion yuan ($974 million), up 87.4 per cent.

“During the second quarter, our core ’Smartphone × AIoT’ strategy continued to underpin our outstanding performance,” the company said.

“Looking forward, we will continue to execute our dual-brand strategy, boost investments in advanced technology, recruit and foster talent, upgrade channel capabilities, enhance our premium smartphone offerings, and improve user experience.

“We will also remain committed to our core ‘Smartphone × AIoT’ strategy … to advance innovations in sophisticated and cutting-edge technologies across product categories.

The company maintained record-breaking performances in major markets around the world, with overseas revenues increasing by 81.6 per cent to 43.6 billion yuan, or half of total sales.

Xiaomi’s market share ranked in the top five in 65 markets globally and first in 22, for the first time in 10 of them.

It ranked No 1 in Europe for the first time with a market share of 28.5 per cent. In Southeast Asia too it was top-ranked with a similar market share.

In the first half of 2021 it sold more than 10 million smartphones online in overseas markets, excluding India, representing an increase of over 60 per cent. — VNS