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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