China-based Xiaomi saw its revenues grow 68% on year to CNY45.2 billion (US$6.638 billion) in the second quarter of 2018, as its overseas sales increased significantly due to strong demand for its smartphones.

Overseas revenues surged 151.7% on year to CNY16.41 billion, or 36.3% of Xiaomi's total revenues, in the second quarter as the company has managed to push sales of its smartphones to India, Indonesia, and other emerging markets as well as in Western Europe.

Net profits totaled CNY14.63 billion in the second quarter, a significant improvement from a loss of CNY11.97 billion of a year earlier.

In the second quarter, smartphone shipments reached 32 million units, up 44% on year, while smartphone revenues soared 58.7% on year to CNY30.501 billion. Revenues related to IoT devices and consumer electronics products surged 104.3% to CNY10.379 billion, and Internet service revenues were up 63.6% to CNY3.958 billion.

For the first half of 2018, revenues amounted to CNY79.648 billion, up 75.4% on year, while net profits reached CNY7.605 billion compared to a net loss of CNY19.83 billion a year ago.