People walk past a Xiaomi store in Shenyang, Liaoning province, China June 12, 2018. Picture taken June 12, 2018. REUTERS/Stringer/File Photo Acquire Licensing Rights
SHENZHEN, China, Aug 29 (Reuters) – Xiaomi Corp (1810.HK) reported an 4% drop in second quarter revenue on Tuesday, tracking a continued sales decline in China’s handset market.
Sales dropped to 67.4 billion yuan ($9.24 billion), down from 70.17 billion in the same quarter yuan a year earlier, but beating analysts’ estimates of 65.13 billion yuan.
Net income rose to 5.1 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating analysts’ expectations.
($1 = 7.2915 Chinese yuan renminbi)
Reporting by David Kirton. Editing by Sam Holmes and Louise Heavens
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