Xiaomi Revenue Surges 68% in Q2 2018 Thanks To Strong Sales in India, IoT Success
Aug. 22, 2018Driven by strong smartphones sales inprice-sensitive markets such as India, Chinese handset maker Xiaomi Corp today reported a revenue of approximately $6.6 billion, representing an increase of 68.3 percent year-on-year.
The results for the quarter ending June 30 marked the first set of quarterly earnings report for Xiaomi since its $4.7 billioninitial public offeringin Hong Kong in July.
The group’s international revenue grew 151.7 percent year-on-year, accounting for 36.3 percent of its total revenue, according to unaudited consolidated results for the company’s second quarter.
“Xiaomi will continue building on its unique and powerful ‘triathlon’ business model to further penetrate the high-end smartphone market, introduce more IoT (Internet of Things) products to international markets, and expand our range of Internet services, laying strong foundations for our revenue growth in the future ahead,” Xiaomi Founder, Chairman and CEO Lei Jun said in a statement.
Revenue from the Internet services segment grew 63.6 percent year-on-year driven primarily by increasing monetisation in mainland China, Xiaomi said.
