TAIPEI -- Chinese smartphone maker Xiaomi on Wednesday reported record profit for the April-June quarter as the world's second-largest smartphone maker snapped up market share lost by domestic rival Huawei due to a U.S. crackdown.
Xiaomi's quarterly revenue grew 64% on the year to 87.79 billion yuan ($13.55 billion), while net profit jumped 84% year-on-year to 8.26 billion yuan. The smartphone maker warned, however, that the ongoing global chip shortage poses a challenge to it and "all electronics makers" this year.
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