The company reported higher than expected profit with 11.4 % shares of smartphone Xiaomi into the Chinese smartphone market and fast growth with overseas help. In two years, the stock in Hong Kong has grown to its peak point by 98 percent in 2020. In June, the Chinese smartphone manufacturer more than doubled the revenue to 4.49 billion yuan($716 million), cross the highest expectations. Revenue increased by 3.1% to 53.5 billion yuan. Current chief financial officer Wang Xiang said on Wednesday that the overseas business of Xiaomi improved to pre-COVID-19 levels.
Xiaomi, to be introduced to the Hang Seng Index on Sept. 7, reported revenue that crosses expected in and jumped almost 13%, closing 11.4%. Last week, it increase 18.4 % on news that includes in the benchmark. The Hang Seng Index fell 0.8% to 25,281.15, as it fails to get over the 25,500 thresholds. It increased for the first time in more than a month on Monday over the point of resistance.
Analysts Estimate that Smartphone Xiaomi Hit a Two-Year High
Xiaomi rocked up after announcing that its shareholder-related income was more than 30 percent higher.”Xiaomi is well prepared to benefit from the 5 G boom in China and Huawei’s worsening chip access to building domestic market share, although the resume of retail stores around the country may make for further rivalry from Oppo and Vivo,” wrote the analyst.
Smartphone Xiaomi could be in a position to cover for some of the hit by higher-margin phones and market share increases against Huawei, the biggest competitive who has trouble retaining mobile output as the US restricts the in-house design and distribution. The average prices for Xiaomi selling smartphones rose 11.8% a year ago. It indicating deeper significant strides into premium devices throughout the period.
“Xiaomi’s largest foreign market in India, its huge threats of lockout policies and political tensions, can cause to concentrate on smaller European markets,” Analyst said.