SHENZHEN/SHANGHAI (Reuters) – Xiaomi Corp on Tuesday reported a 19% jump in third-quarter net profit, beating estimates, as the Chinese smartphone maker’s shipments over the quarter surged by 45.3% on a year earlier.
Xiaomi has grabbed market share in China and Europe as its rival Huawei Technologies has faced U.S. sanctions that have hit its supply chain.
The company expects it will continue to gain market share after the latest round of U.S. sanctions against Huawei disrupted its supply chains in August..
Xiang Wang, Xiaomi’s president, when asked whether Huawei’s problems had helped Xiaomi, said that the company was “paying attention to what is happening into the market,” but was continuing with its own strategy.
Xiaomi’s smartphone revenue rose to 47.6 billion yuan,