Xiaomi revenues up 68% on year in 2Q18

Chinese smartphone maker Xiaomi recorded Q2 net profits of 14.63 billion yuan ($2.14 billion), compared with a loss of 11.97 billion yuan ($1.75 billion) a year ago, on revenue which jumped 68% to 45.24 billion yuan ($6.62 billion) from 26.88 billion yuan ($3.93 billion). For the first half there were profits of 7.605 billion yuan ($1.11 billion), compared with losses last year of 19.83 billion yuan ($2.9 billion), on revenue which rose 75.4% to 79.648 billion yuan ($11.66 billion). The company’s smartphone sales went up 44% to 32 million in Q2, with turnover rising 59% YoY to 30.5 billion yuan ($4.46 billion), mainly thanks to a booming Indian market, where Xiaomi has overtaken Samsung as the top seller.