Xiaomi's Revenue Grew 64 Percent in the Second Quarter

Xiaomi's revenue in the second-quarter of 2021 grew 64% from a year earlier, the company said in a statement. It also announced the purchase of an autonomous driving startup.

Sales reached 87.8 billion yuan ($13.56 billion), up from 53.54 billion a year earlier. Net income reached 6.32 billion yuan, up 87.4% year on year. U.S. sanctions against Huawei allowed Xiaomi, along with Oppo and Vivo, to grow their market shares. Xiaomi's share of the global smartphone market grew 83% year-on-year in the quarter. It shipped 52.8 million phones, making it the world's second top-selling brand, behind Samsung and ahead of Apple. Domestically, Xiaomi still ranks behind Oppo and Vivo in terms of shipments.

The company also announced that it is acquiring autonomous driving startup Deepmotion for $77.4 million. Xiaomi plans to boost its own efforts in the autonomous driving area, the company's President Wang Xiang said. The company has yet to formally announce any partnerships or plans for its first model. The company gets most of its revenue by selling mobile handsets, but it also earns by selling online ads and other types of consumer hardware.