By Clarence Leong

Xiaomi Corp.'s second-quarter net profit surged 84% from a year earlier to 8.27 billion yuan ($1.28 billion), as its main smartphone business maintained solid growth.

The Chinese company's revenue rose 64% to CNY87.79 billion on record-breaking smartphone revenue and shipments, it said Wednesday. Smartphone revenue and global shipments each grew 87% to CNY59.1 billion and 52.9 million units, respectively.

The company cited research firm Canalys as saying that its smartphone shipments ranked first for the first time in the European market with a 28.5% market share. The technology company's overall performance in overseas markets also strengthened, with revenue rising 82% to CNY43.6 billion, accounting for nearly 50% of total revenue.

Xiaomi said it will continue to execute a "dual-brand strategy," with the Xiaomi brand focusing on premium smartphones and the Redmi brand providing competitively priced products. The company aims to boost investments in advance technology and enhance premium smartphone offerings.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

08-25-21 0659ET