Chinese device maker Xiaomi Corp. reported an increase of 64% year-over-year (YoY) or RMB87.8 billion in total revenue for the second quarter of 2021. The adjusted net profit for the period was RMB6.3 billion, an increase of 87.4% YoY.

During the first quarter, Xiaomi reported a total revenue at RMB164,671.2 million and hross profit at approximately RMB29,309.4 million. The figures are enough to earn the company the No. 2 spot in global smartphone shipments, based on the industry analyst Canalys report.

Xiaomi’s smartphone shipments in mainland China market grew rapidly. According to Canalys, in the second quarter of 2021, Xiaomi’s smartphone market share rose to 16.8% from 10.3% in the second quarter of 2020, ranking third with a 35.1% year-over-year increase in smartphone shipments, the highest growth rate among major players in the market.

Xiaomi takes the No. 2 spot in global smartphone market

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The Group’s IoT (Internet of Things) and lifestyle product segment also maintained its rapid growth trajectory in overseas markets. Revenue from IoT and lifestyle products in overseas markets increased by 93.8% YoY in the quarter. In the Q22021, global shipments of smart TVs surpassed 2.5 million units, maintaining the leading market position.

In the second quarter of 2021, Xiaomi maintained strong growth momentum in overseas markets, delivering record-breaking performance in major markets around the world. In the second quarter, revenue from overseas markets increased by 81.6% year-over-year to RMB43.6 billion, reaching a record high and accounting for 49.7% of total revenue. According to Canalys, Xiaomi’s market share in the second quarter ranked among the top 5 in 65 markets globally and No. 1 in 22 markets, 10 of those it achieved No. 1 for the first time.