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Xiaomi Double Net Income, Overseas Business Recovers

Chinese phone manufacturer, Xiaomi, has reported better-than-expected profit, with its overseas business rebounding to pre-pandemic levels according to its Chief Financial Officer.

In the June quarter, Xiaomi more than doubled its net income to US$716 million, trumping analyst expectations.

Sales climbed 3.1%, with smartphone shipments into Europe soaring 64.9% in the quarter.

According to Canalys, Xiaomi has notched the third largest smartphone shipper in Europe, offsetting a 12% slump in India following lockdown restrictions.

During the quarter, average selling prices jumped 11.8% YoY, reflecting increased premium smartphone demand. The company shipped 28.3 million smartphones during the quarter.

The news comes as fellow Chinese phone manufacturer, Huawei, continues to wrestle with international trade tensions, and component recovery from previously US-based firms.

In Australia, Xiaomi phones are sold via a dedicated local web-store, and authorised resellers such as JB Hi-Fi and Kogan.com.

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