Chinese smartphone maker Xiaomi has bounced back from a tepid initial public offering in Hong Kong last month by posting strong financial results for the second quarter, the Financial Times reports.
The company made a profit of $2.1 billion in the second quarter, after posting losses of over $1 billion for the first three months of the year. It was perhaps these disappointing first quarter results that led the company to achieve a valuation of $54 billion during its IPO, after targeting a valuation of $100 billion.
The company’s revenues were up 68% year-on-year in the second quarter, with strong growth in smartphone sales a particular bright spot. Xiaomi was the fastest-growing smartphone brand in the world during the second half of last year and is among the world’s top five smartphone makers globally in sales volume terms, according to the FT.