Chinese smartphone manufacturer Xiaomi’s revenue rose by a record 64% in the second quarter of 2021, the company said on Wednesday, reports Reuters. Xiaomi also announced the purchase of an autonomous driving startup as it looks to expand into the competitive market.
Sales reached RMB 87.8 billion ($13.56 billion), up from RMB 53.54 billion a year earlier and beating analyst expectations of RMB 84.53 billion. Net income reached RMB 6.32 billion, up 87.4% year on year and above analyst expectations.
US government sanctions against Xiaomi’s rival Huawei Technologies effectively crippled the tech giant’s smartphone division and has allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their market shares.