Xiaomi sees 64% surge in second quarter revenue, announces to buy autonomous driving startup

Sales reached 87.8 billion yuan ($13.56 billion), up from 53.54 billion a year earlier and beating analyst expectations of 84.53 billion yuan.

Net income reached 6.32 billion yuan, up 87.4% year on year and above analyst expectations.

U.S. government sanctions against Xiaomi's rival Huawei Technologies effectively crippled the tech giant's smartphone division and has allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their market shares.

Xiaomi's share of the global smartphone market grew 83% year-on-year in the quarter, ended in June, according to research firm Canalys. It shipped 52.8 million phones, making it the world's second top-selling brand for the first time in its history, behind Samsung and ahead of Apple.

Domestically, however, the company still ranks behind Oppo and Vivo in terms of raw unit shipments.

On Wednesday Xiaomi also announced that it is acquiring autonomous driving startup Deepmotion for approximately $77.37 million, in a bid to boost its own R&D efforts in the area, the company's President Wang Xiang said.

SOURCE: REUTERS