After Huawei’s Smartphone sales declined due to the US imposed sanctions, other smartphone makers like Samsung and Xiaomi saw a surge in their revenue and market share.
Xiaomi’s latest financial reports indicate that the company has shipped a record of 46.6 million Smartphones and earned CNY 47.6 billion ($7.2 billion) in smartphone revenues during Q3 2020.
These numbers translate into a 45.3 percent increase as compared to the same period last year. Moreover, according to Canalys’ global smartphone shipments report, the Chinese smartphone maker now stands in the third position globally with a 13.5 percent market share.
The total revenue of the company grew to CNY 72.2 billion ($10.9 billion), which is up by 34.5% compared to the same period last year. As far as the net profits are concerned, they have come up to CNY 4.1 billion ($621 million), and the average selling price of Xiaomi phones increased to CNY 1,022 ($155) per unit, mainly driven by sales of flagship Mi phones in Q3 2020.
Since Huawei smartphone sales outside China saw a decline, Xiaomi’s revenues outside its local markets surged. The company managed to lure in CNY 39.8 billion ($6.03 billion) revenue from outside of China. This is up by 52.1% compared to last year. Furthermore, IoT revenues have also climbed to CNY 18.1 billion ($2.7 billion) up by 16.1% from Q3 2019.