Xiaomi revenue surges record 64% as global phone sales rise

Xiaomi Corp saw its second-quarter revenue rise a record 64% from a year earlier, it said on Wednesday, as the company grew its share of the global smartphone market and expanded its 'IoT' product footprint.

Sales reached 87.8 billion yuan ($13.56 billion), up from 53.54 billion a year earlier and beating analyst expectations of 84.53 billion yuan.

Net income reached 6.32 billion yuan, up 87.4% year on year and above analyst expectations.

U.S. government sanctions against Xiaomi's rival Huawei Technologies effectively crippled the tech giant's smartphone division and has allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their market shares.

Xiaomi’s share of the global smartphone market grew 83% year-on-year in the quarter, ended in June, according to research firm Canalys. It shipped 52.8 million phones, making it the world’s second top-selling brand for the first time in its history, behind Samsung (005930.KS) and ahead of Apple (AAPL.O).

($1 = 6.4755 Chinese yuan renminbi)