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Recently Xiaomi announced its second quarter of 2020 financial report. The company had a revenue of 7.77 billion US dollars during this time, which is a 3.1 percent improvement over the same time last year.
For the Chinese tech giant, Q2 revenue is also higher than Q1 by around 7.7 per cent.
In other words, according to a TechCrunch article, the firm is seeing a rebound in its overseas business. Xiaomi's newly named CFO, Alain Lam, said the company's profits stood at USD 650 million, up 129.8 per cent year-on-year and 108 per cent year-on-year compared to Q1 2020.
Smartphone sales by Xiaomi continue to account for the bulk of the company's revenue and have expanded in most of its overseas markets.
This excludes one of India's largest sector, where Xiaomi had to shut down most of its stores and production sites as a nationwide lockdown across the country was imposed by local government. Measures to counter the Coronavirus pandemic began in late March, which affected the region's distribution and sales of "non-essential" products.
The shutdown has since eased dramatically, with production and sales ramping up. The daily average of smartphone activations as of July was about 72 per cent compared to January 2020. In other words, the lockout had adversely affected the operations and profits of the company. Local production was the reason, according to Xiaomi's official statement, "as the manufacturing capacity had not yet risen to the usual level, our sales were still constrained by the limiting factors.
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