Xiaomi revenue surges 64%; buys self-driving start-up

Smartphone maker Xiaomi Corp's second-quarter revenue rose a record 64 per cent from a year earlier, it said on Wednesday, announcing the purchase of an autonomous driving startup as it prepares to expand into the competitive market. Sales reached 87.8 billion yuan ($13.56 billion), up from 53.54 billion a year earlier and beating analyst expectations of 84.53 billion yuan. Net income reached 6.32 billion yuan, up 87.4 per cent year-on-year and above analyst expectations. US sanctions against Xiaomi's rival Huawei effectively crippled the tech giant's smartphone division and has allowed Xiaomi to grow its market shares.