Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016

Xiaomi pulled off a $2.1 billion profit in its first public quarter

$2.1 billion

Xiaomi showed an impressive earnings report for its first post-IPO quarter, raking in $2.1 billion (14.6 billion yuan) in profit with 68% year-on-year revenue growth.

Published   |  Photo by Reuters/Kim Kyung Hoon
Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

As expected, most of Xiaomi’s money was made from smartphones, which brought in 67% of the company’s revenue—despite its attempts to branch out into more lifestyle-focused products.

Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

Xiaomi’s smartphone sales have been dominant enough to super-charge its global market share since last year. Only Huawei, the world’s number-two seller, has been keeping pace.

Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

Xiaomi’s market share in India has risen rapidly in the last two years

Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

At that rate, Xiaomi’s sleek, inexpensive smartphone lineup could soon help the company overtake Apple, which ceded its second-place crown to Huawei in early August.

Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

It’s a good look for Xiaomi’s expansion beyond China, particularly as it battles Samsung in India. Xiaomi’s also enjoyed an unexpected foothold in America—through electric scooters.

Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launching ceremony of Xiaomi Mi Max in Beijing, China May 10, 2016
$2.1 billion

Samsung has regained the top spot in India’s smartphone market

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