A little more than a month after its IPO
in Hong Kong, Chinese smartphone and consumer electronics company Xiaomi reported
a 68 percent revenue increase and $2.1 billion profit for the second quarter of 2018, beating analyst expectations across the board.
Having sold 32 million smartphones in the quarter, Xiaomi’s revenue jumped to 45.2 billion RMB ($6.6 billion), bringing its total for the first six months of 2018 to 79.65 billion RMB, which is nearly 70 percent of the company’s revenue for the entire year of 2017.
According to IDC’s latest estimates
, Xiaomi is currently the fourth largest smartphone maker in the world, trailing only Samsung, Huawei
and Apple. Notably, the company recently surpassed Samsung to become the market leader in India’s booming smartphone market and the company plans to further grow its footprint outside of its home market.