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China tech

China's Xiaomi logs record profit but flags chip crunch risk

Smartphone maker gains as US crackdown hits domestic rival Huawei

Xiaomi has recently claimed the No. 2 position in the global smartphone market and is now aiming for the top.   © Reuters

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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