Benzinga | Aug 25, 2021 03:58PM EDT

Second Biggest Smartphone Maker Reports Strong Q2, EV Venture, Plans To Beat Apple

* Xiaomi Corp (OTC:XIACY) reported a second-quarter FY21 net income of $1.28 billion on revenue of $13.56 billion following a jump in its global smartphone market share.

* The revenue grew 64% year-on-year as the net income climbed 87.4% Y/Y, beating the analyst consensus, Reuters reports.

* The smartphone revenue grew to $9.1 billion as the shipments grew 83% Y/Y to 52.9 million units in Q2, dethroning Apple Inc (NASDAQ:AAPL) to become the number two global vendor.

* Huawei T4echnology Co's U.S. blacklisting was a significant contributing factor to Xiaomi's growing market share.

* Xiaomi's revenue from the Internet of Things and lifestyle products category climbed 36% Y/Y to $3.2 billion.

* Acquisition: Xiaomi also announced the acquisition of autonomous driving technology startup Deepmotion for about $77.3 million marking its planned EV foray. Deepmotion will help Xiaomi develop Level 4 self-driving technology, which allows total autonomous driving, Bloomberg reports.

* The U.S. just approved Huawei's license to buy chips for its auto component business, Reuters reports.

* Recently, Xiaomi showcased a handset featuring the latest Qualcomm Inc (NASDAQ:QCOM) processors and a front-facing camera hidden under the display to take on iPhones in the luxury market.

* Price Action: XIACY shares traded higher by 1.86% at $16.70 on the last check Wednesday.