The Chinese tech company, Xiaomi (1810), released its earnings yesterday and it looks like its not going down against the tech giants without a fight. The firm saw a 64% year-on-year (YoY) growth in revenue, reaching $13.6b (for Q2 2021), and an 80% YoY increase in net income, which reached $1.3b.
The firm’s smartphones’ line of business, in particular, saw considerable growth over the past year, with it overtaking Apple (APPL) and Samsung (005930) in July (in monthly smartphone sales). It had an 87% YoY increase in its smartphone revenues, which reached $9.1b. With Apple’s annual launch event happening soon and Samsung’s already announced, Xiaomi’s spot in the big leagues might not be for very long though, which is probably why it's broadening its horizons beyond phones. The company’s announced plans to acquire Deepmotion (a Chinese autonomous driving start-up) for a $77.3m purchase price. The acquisition is part of a $10b investment strategy for the company to expand into the EV space.