Leading Chinese smartphone maker Xiaomi posted robust Q2 revenue numbers supported by strong demand for its cheap smartphones in emerging markets including India.
Leading Chinese smartphone maker Xiaomi posted robust Q2 revenue numbers supported by strong demand for its cheap smartphones in emerging markets including India. The company said on Wednesday that its revenue from the overseas markets more than doubled for June quarter. It was partly helped by strong growth in India. Xiaomi clocked nearly 152 percent on-year jump in revenue from overseas business in Q2 to 16.4 billion yuan (nearly Rs 16,693 crore). The global revenue accounts for over a third of total revenue of the Chinese firm.
Xiaomi recorded 14.63 billion yuan of net profit for the given period.
The Chinese company captured a 29.7 percent share of smartphone market in India during the June quarter, according to IDC. Samsung at 23.4 percent and Vivo at 12.6 percent come next in the list. The Chinese firm retains the leading spot in the smartphone market with surging presence in offline space. The company contributed over 56 percent of the shipments in online space, while 33 percent of its shipments went through offline channels in Q2, 2018, the IDC report said.
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Earlier last year, Samsung Electronics was pipped by Xiaomi as the leading smartphone seller in India.
“Xiaomi maintained its leadership position with its highest ever shipments in a single quarter in 2Q18. The vendor’s shipments saw a growth of 10% sequentially and grew more than two-fold annually. Its four smartphone models captured the top four slots in top models ranking, namely Redmi 5A, Redmi Note 5 Pro, Redmi Note 5 and Redmi 5, together accounting for 26% of overall smartphone shipments,” IDC said.
The company earns most of its revenue from the smartphones. In order to grow in the emerging markets such, the Chinese company follows a strategy of keeping prices low to take on heavyweights such as Samsung and Apple Inc.