Chinese smartphone maker Xiaomi has grabbed a healthy slice of the smartphone market at an impressively quick pace

pulse

August 23, 2018 12:14 AM

That number is nearly two-thirds of the profit the company made in the entire year of 2017, meaning the fourth largest smartphone maker in the world is not slowing down.

Following its Hong Kong IPO, Chinese smartphone maker Xiaomi beat analyst's expectations this past quarter, with revenue in the first half of 2018 now totaling 79.65 RMB, or $11.9 billion.

The rising revenue has been driven by brisk smartphone sales — Xiaomi said it sold 32 million smartphones this past quarter. As this chart from Statista shows, that's translated into major market share gains, with Xiaomi's share of the smartphone market surging from less than 4% share to roughly 9% over the past 18 months.

The Chinese company is the fourth largest smartphone maker in the world, and could become an increasing threat to giants like Samsung and Apple.

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