(Yicai Global) Aug. 26 -- Xiaomi said its financial results hit a record high in the second quarter. The Chinese smartphone maker also announced that it bought an autonomous driving startup.

Net profit soared 87.4 percent to CNY6.3 billion (USD973 million) in the three months ended June 30 from a year earlier, the Beijing-based company said in an earnings report released late yesterday. Revenue jumped 64 percent to CNY87.8 billion (USD13.5 billion).

Xiaomi’s performance was buoyed by strong smartphones sales, with shipments climbing almost 87 percent to 52.9 million units. Xiaomi become the world’s second-largest handset maker by shipments in the period, with a 16.7 percent market share, according to research firm Canalys.

The company’s high-end strategy is paying off, with shipments of smartphones priced above CNY3,000 (USD353) exceeding 12 million units in the first half of this year, against the 10 million sold in the whole of 2020. Its Internet of Things business, including smart televisions, tablets and smart speakers, had second-quarter revenue of CNY20.7 billion, up 36 percent from a year earlier.

“Our core ‘Smartphone × AIoT’ strategy continued to underpin our outstanding performance,” the company said.

Xiaomi did not publish an earnings forecast for the current six months.

Despite posting record earnings, the company’s stock price [HKG:1810] ended 3.6 percent down today at HKD24.45 (USD3.14), after opening 2.6 percent higher. The benchmark Hang Seng Index fell 1.1 percent.

Xiaomi also said it has bought DeepMotion, a Beijing-based autonomous driving technology firm, for USD77 million. President Wang Xiang hopes the acquisition will shorten Xiaomi’s time to launch in the auto market, the Paper reported.

Xiaomi set out its car-making plan in March. It will invest USD10 billion in the next 10 years to develop smart electric vehicles. Xiaomi is now evaluating the location of the production base and has talked with various car-making teams, Wang said yesterday.

Editor: Futura Costaglione