China tech giant Xiaomi posts solid quarterly sales growth

Beijing: Chinese smartphone and household tech giant Xiaomi on Wednesday announced solid revenue growth for the second quarter of the year, despite sluggish consumption in the world’s second-largest economy.

The brand’s presence is strongly felt in China, with its wide range of products spanning mobiles, tablets, smartwatches, headphones, scooters and, recently, electric vehicles.

The world’s third-largest smartphone maker, Xiaomi reported revenue of 88.9 billion yuan ($12.5 billion) in the second quarter, an increase of 32 percent year-on-year, according to a statement to the Hong Kong Stock Exchange.

Its profit rose 38.9 percent year-on-year during the period to reach 5.1 billion yuan ($714.5 million).

The Hong Kong-listed firm launched its first car — the SU7 — in March, officially entering the highly competitive Chinese EV market.