The results for the quarter ending June 30 marked the first set of quarterly earnings report for Xiaomi since its $4.7 billion initial public offering in Hong Kong in July.

The group’s international revenue grew 151.7 per cent year-on-year, accounting for 36.3 per cent of its total revenue, according to unaudited consolidated results for the company’s second quarter.

The company’s attractive pricing for its phones has helped it grow quickly in developing markets where it is taking on Samsung Electronics Co Ltd and Apple.

It offers a suite of smartphones that target budget to mid-range buyers and has launched sales in almost 30 countries, including India, where it toppled Samsung as the biggest smartphone vendor earlier this year.

“Xiaomi will continue building on its unique and powerful ‘triathlon’ business model to further penetrate the high-end smartphone market, introduce more IoT (Internet of Things) products to international markets, and expand our range of Internet services, laying strong foundations for our revenue growth in the future ahead,” Xiaomi Founder, Chairman and CEO Lei Jun said. 

In Q2 of 2018, Xiaomi’s smartphones segment recorded revenue of approximately $4.46 billion, a year-on-year growth of 58.7 pc.