Xiaomi reports strong financial results for the second quarter of 2018. The Chinese company is one of the highest valued smartphone manufacturers out there. To put things in perspective, Xiaomi is way behind Apple or Samsung in terms of value but it is almost 3 times more valuable than LG Electronics — let it sink in for a while. Xiaomi is 3 times more valuable than the whole LG electronics.

In quarter 2 financials of 2018, Xiaomi published a sales increase of 2700% year over year in Western Europe where it only started selling its devices last November. The first European country was Spain, followed by Paris and Milan.

The official report reads that Xiaomi witnessed a 58.7% revenue growth in all business segments. It also saw 104.3% increase in revenue in IoT and lifestyle products.

Taking important bullets from the official report.

Quarter 2 Financials

  • Total revenue — an increase of 3% year-on-year
  • Gross profit — an increase of 9% year-on-year

You can check out the rest of company financials here in this report.

Headquartered in China, Xiaomi is smartphones, IoT and internet devices manufacturing company popular for dishing out low-cost Android-powered smartphones which look heavily inspired by Apple products. For the same reason, Xiaomi is often called Apple of China.

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