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SHENZHEN, China, Nov 24 (Reuters) – Xiaomi Corp 1810.HK reported a 19% jump in third quarter net profit on Tuesday, beating estimates, as the Chinese smartphone maker’s smartphone shipments over the quarter surged by 45.3% on a year earlier.
Smartphone revenue grew to 47.6 billion yuan, an increase of 47.5% in the same period, it said in a statement. Overall quarterly revenue rose to 72.1 billion yuan, up from 53.7 billion yuan.
Analysts had on average forecasted that Xiaomi would report quarterly net profit of around 3.28 billion yuan, according to Refinitiv data.
Xiaomi has grabbed market share from in China and Europe as its rival Huawei Technologies HWT.UL has struggled with U.S. sanctions that have disrupted its supply chain.
The company anticipates it will continue to gain market share after the last round of U.S. sanctions against the latter disrupted its supply chains in