Xiaomi marches to No. 2 spot in global smartphone business1. September 2021
Xiaomi marches to No. 2 spot in global smartphone business
Xiaomi’s Q2 revenue rose 64% to $13.56 billion, while net profit grew 84% to $1.28 billion. The company announced that it has agreed to buy startup Deepmotion for $77 million.
Xiaomi sold more phones globally than any other company in June. The Chinese overtook Apple to become the world’s No. 2 smartphone company behind Samsung.
In China, Xiaomi ranks behind Android manufacturers Opportunities and Vivo in terms of the number of smartphones sold.
Xiaomi’s growth is partly due to U.S. sanctions against its main competitor, Huawei. In March, Xiaomi announced plans to invest $10 billion in the electric vehicle sector. The company has yet to announce any partnerships, but the acquisition of Deepmotion is part of an effort to strengthen research and development.