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Xiaomi Inc, the Chinese smartphone maker has announced a net profit of 2.48 billion yuan ($357.23 million) in the third quarter, driven by robust sales in India and Europe. Xiaomi Inc, in the previous year’s September-end quarter, reported a loss of 11 billion yuan.
Xiaomi said its operating profit declined by 38.4% to 3.59 billion yuan in the quarter under discussion. However, the company’s revenue rose 49.1% to 50.85 billion yuan. The main reason behind the mixed results can be attributed to the Chinese market slowdown, which is the biggest in all the markets that the company operates in.
As per the data from researcher IDC, Xiaomi, along with fellow Chinese smartphone maker Oppo and Vivo, accounted for around a quarter of the global smartphone market in the first half of 2018.
Indian and European markets were the fastest-growing markets Xiaomi with its budget Redmi phone series in India, Russia and Spain and its flagship Mi 8 Pro device in Britain.
