Xiaomi posts jump in profits, as it makes gains in China and Europe

Xiaomi has grabbed market share in China and Europe as its rival Huawei Technologies has faced U.S. sanctions that have hit its supply chain. The company expects it will continue to gain market share after the latest round of US sanctions against Huawei disrupted its supply chains in August. Xiaomi’s smartphone revenue rose to 47.6 billion yuan, an increase of 47.5% in the same period, it said in a statement. Overall, quarterly revenue rose to 72.1 billion yuan, up from 53.7 billion yuan. Analysts had on average forecast that Xiaomi would report third-quarter net profit of around 3.28 billion yuan, based on to Refinitiv data.

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