<p>Xiaomi Corp reported a revenue drop of 4 per cent in the second quarter on Tuesday, tracking a continued sales decline in China's handset market.</p>.<p>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.</p>.<p>Net income rose to 5.14 billion yuan over the period, an increase of 147 per cent from 2.08 billion yuan a year earlier, also beating analysts' expectations.</p>.Elon Musk's SpaceX turns profit in first quarter as revenue soars.<p>Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5 per cent to 64.3 million units, according to research firm Canalys.</p>.<p>Xiaomi's shipments declined by 19 per cent to 8.6 million, while in major overseas market India, Xiaomi shipments also fell 22 per cent to 5.4 million units, Canalys said.</p>.<p>In light of declining handset sales, Xiaomi is planning to manufacture electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month.</p>.<p>The company has pledged a $10 billion investment over a decade in the automobile business and set a goal of mass car production for the first half of 2024. </p> <p><em>($1 = 7.2915 Chinese yuan renminbi)</em></p>
<p>Xiaomi Corp reported a revenue drop of 4 per cent in the second quarter on Tuesday, tracking a continued sales decline in China's handset market.</p>.<p>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.</p>.<p>Net income rose to 5.14 billion yuan over the period, an increase of 147 per cent from 2.08 billion yuan a year earlier, also beating analysts' expectations.</p>.Elon Musk's SpaceX turns profit in first quarter as revenue soars.<p>Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5 per cent to 64.3 million units, according to research firm Canalys.</p>.<p>Xiaomi's shipments declined by 19 per cent to 8.6 million, while in major overseas market India, Xiaomi shipments also fell 22 per cent to 5.4 million units, Canalys said.</p>.<p>In light of declining handset sales, Xiaomi is planning to manufacture electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month.</p>.<p>The company has pledged a $10 billion investment over a decade in the automobile business and set a goal of mass car production for the first half of 2024. </p> <p><em>($1 = 7.2915 Chinese yuan renminbi)</em></p>