Xiaomi Posts Revenue Growth in Pandemic-Hit Second Quarter

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 Xiaomi  reported a 3.1 percent 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 CNY 53.54 billion (roughly Rs. 57,753 crores) from CNY 51.95 billion (roughly Rs. 55,995 crores) in the same period the prior year, beating analysts’ expectations of CNY 51.41 billion (roughly Rs. 55,395 crores).

Revenue from the company’s smartphones business, which accounts for nearly two-thirds of its revenue, fell 1.2 percent to CNY 31.6 billion (roughly Rs. 34,063 crores). 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 percent year on year in the same period.

Profit rose 129.8 percent to CNY 4.49 billion (roughly Rs. 4,839 crores).

Xiaomi reported an adjusted net profit of CNY 3.37 billion (roughly Rs. 3,632 crores), beating the average market estimate of CNY 2.24 billion (roughly Rs. 2,414 crores), according to Refinitiv data.

© Thomson Reuters 2020

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