Xiaomi posts revenue growth in second-quarter despite headwinds in key markets

Xiaomi Corp reported a 3.1 percent 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 (USD 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 percent 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 percent year on year in the same period.