SHENZHEN, China: 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.
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.
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