Smartphone maker Xiaomi’s second-quarter income rose a document 64 p.c from a yr earlier, it mentioned on Wednesday, saying the acquisition of an autonomous driving startup because it prepares to increase into the aggressive market.
Gross sales reached CNY 87.8 billion (roughly Rs. 1,00,720 crores), up from 53.54 billion a yr earlier and beating analyst expectations of CNY 84.53 billion (roughly Rs. 96,900 crores).
Internet earnings reached CNY 6.32 billion (roughly Rs. 7,240 crores), up 87.4 p.c yr on yr and above analyst expectations.
US authorities sanctions towards Xiaomi’s rival Huawei successfully crippled the tech big’s smartphone division and has allowed Xiaomi, together with Chinese language Android makers Oppo and Vivo, to develop their market shares.
Xiaomi’s share of the worldwide smartphone market grew 83 p.c year-on-year within the quarter, resulted in June, in keeping with analysis agency Canalys. It shipped 52.8 million telephones, making it the world’s second top-selling model for the primary time in its historical past, behind Samsung and forward of Apple.
Domestically, nonetheless, the corporate nonetheless ranks behind Oppo and Vivo when it comes to uncooked unit shipments.
On Wednesday, Xiaomi additionally introduced that it’s buying autonomous driving startup Deepmotion for roughly $77.37 million (roughly Rs. 575 crores), in a bid to spice up its personal R&D efforts within the space, the corporate’s President Wang Xiang mentioned.
In March, Xiaomi introduced it will spend $10 billion (roughly Rs. 74,260 crores) to enter the electrical automobile sector. The corporate has but to formally announce any partnerships or plans for its first mannequin, although public posts on job-searching websites present the corporate is recruiting expertise aggressively.
Final week Reuters reported that China Evergrande Group was in talks to promote its EV unit to Xiaomi. Xiaomi mentioned it has been in contact with numerous automakers, but it surely has but to determine which one to work with.
The corporate derives the overwhelming majority of its income by promoting cell handsets, but it surely additionally makes cash by promoting on-line advertisements and different kinds of client {hardware}.
Progress in Xiaomi’s Web companies unit, which makes cash primarily by inserting ads throughout numerous apps, grew 19.1 p.c year-on-year.
© Thomson Reuters 2021
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