Fallen Chinese tech unicorn Xiaomi is finally seeing a turnaround in its fortunes following a surge in mobile phone shipments, the Financial Times reported Monday.
The firm regained a place among the top-five global smartphone manufacturers after sales in the second quarter soared 59 percent year-on-year to hit 21 million, the report said, citing market intelligence firm International Data Corporation.
The world`s top-valued start-up in 2014, Xiaomi missed its mobile shipment targets in 2015, losing market share to rivals such as Oppo and Vivo, according to the report.
The company now designs its own processors, which will enable it to reduce battery weight and reliance on foreign makers, the report said. It`s also planning to expand globally, setting its sights on emerging markets such as India, the report added.
Read the full Financial Times report here.
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