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Xiaomi posts revenue growth in Q2 despite headwinds in key markets

Credit: REUTERS/Valentyn Ogirenko

Xiaomi Corp reported a 3.1% rise in second-quarter revenue on Wednesday, even as overall smartphone sales fell as overseas markets struggled with the pandemic.

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SHENZHEN, China, Aug 26 (Reuters) - Xiaomi Corp 1810.HK reported a 3.1% 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 53.54 billion yuan ($7.77 billion) from 51.95 billion yuan in the same period the prior year, beating analysts' expectations of 51.41 billion yuan.

Revenue from the company's smartphones business, which accounts for nearly two-thirds of its revenue, fell 1.2% to 31.6 billion yuan. 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% year on year in the same period.

Profit rose 129.8% to 4.49 billion yuan.

Xiaomi reported an adjusted net profit of 3.37 billion yuan, beating the average market estimate of 2.24 billion yuan, according to Refinitiv data.

($1 = 6.8896 Chinese yuan renminbi)

(Reporting by David Kirton in Shenzhen and Josh Horwitz in Shanghai; Editing by Andrew Heavens and David Evans)

((David.Kirton@thomsonreuters.com;))

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