Xiaomi Posts Revenue Growth In Second-quarter Despite Headwinds In Key Markets

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August 26, 2020

SHENZHEN, China: Xiaomi Corp reported a 3.1% rise in second-quarter revenue on Wednesday, even as overall smartphone sales fell as overseas markets struggled with the pandemic.

Sales in the quarter ending June 30 rose to 53.54 billion yuan ($7.77 billion) from 51.95 billion yuan in the same period the prior year, beating analysts’ expectations of 51.41 billion yuan.

Revenue from the company’s smartphones business, which accounts for nearly two-thirds of its revenue, fell 1.2% to 31.6 billion yuan. Xiaomi sold 28.3 million handsets in the quarter, down from 32.1 million units a year earlier.

However, sales of premium phones in overseas markets were up by 99.2% year on year in the same period.

Profit rose 129.8% to 4.49 billion yuan.

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Xiaomi reported an adjusted net profit of 3.37 billion yuan, beating the average market estimate of 2.24 billion yuan, according to Refinitiv data.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Xiaomi Posts Revenue Growth In Second-quarter Despite Headwinds In Key Markets

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