China smartphone sales up 22.4% on quarter in 2Q19, says Digitimes Research

China smartphone sales up 22.4% on quarter in 2Q19, says Digitimes Research

China smartphone sales up 22.4% on quarter in 2Q19, says Digitimes Research

Xiaomi said total smartphone shipments in the second quarter rose to 32 million.

Xiaomi posted 15% revenue growth in Q2 2019 which is slower than what was estimated by analysts. The company's revenue rose to 51.95 billion yuan ($7.36 billion) from 45.24 billion yuan during the same period previous year.

Net income slumped 87 percent to CNY 1.96 billion. Speaking of investments Xiaomis R&D expenses totaled CNY 3.3 billion ($467.44 million) which is 30% more than a year ago. However, its TV brand performance was magnificent.

Outside of the smartphone business, Xiaomis TV line also proved to be a big success as the company ranked first in China with 5.4 million units for the period and is now a top-five TV manufacturer on the global stage.

Ransomware attack paralyzes 23 computer systems in Texas
An additional $5 million of ransomware expenses are expected to be unreported, the DIR said. The state is deploying cybersecurity experts to assist the affected towns, CNBC reports .

Xiaomi's chief financial officer Chew Shou Zi said the investments stem in part from the company's hopes to build a "Chinese supply chain", while improving its internal research and development abilities. "It is well positioned to leverage that dominant position to take a commanding lead in China's 5G smartphone market in 2020 and beyond".

Several of the companies in which Xiaomi has invested had recently listed on China's newly-opened STAR market, including scooter-maker Ninebot, which acquired the Segway brand in 2015.

"By Q2 2019 it [Huawei] had expanded its smartphone market share [in China] to nearly 40%, far outpacing all other competitors", said Kerr.

Xiaomi reported its financials for the second quarter of 2019 earlier today. As of 2019, the global MIUI active subscribers hit 2.79 million people. The Xiaomi IoT platform also connects 196 million devices excluding smartphones and notebooks.

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