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Xiaomi’s revenue last quarter rose 55% year over year while its gross profit grew 87%, the company said Wednesday. Xiaomi sold 49.4 million smartphones globally in the quarter, 69% more than a year earlier. Partly that was due to comparison with a low base in 2020 when Covid-19 was at its most severe in China. But Xiaomi had a phenomenal year for more important reasons: its domestic rival Huawei was hamstrung by U.S. sanctions. Xiaomi’s global smartphone market share rose from 10% in the second quarter last quarter, just before the Huawei sanctions kicked in, to 14% last quarter, according to Counterpoint Research. Huawei’s market share fell from 20% to 4% over the same period. Xiaomi also managed to sell more expensive handsets, which boosted its profit margins...Read more
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Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.
