Xiaomi posts revenue growth in Q2 despite headwinds in key markets (updated)

Sky Blue 11

26/08/2020 11:46

(Adds more data)
    SHENZHEN, China, Aug 26 (Reuters) - Xiaomi Corp  1810.HK 
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.

($1 = 6.8896 Chinese yuan renminbi)

 (Reporting by David Kirton in Shenzhen and Josh Horwitz in
Shanghai; Editing by Andrew Heavens and David Evans)
 ((David.Kirton@thomsonreuters.com;))