Xiaomi reported a strong performance in the second quarter, with revenue rising 30.5% year-over-year, driven largely by a boost in smartphone shipments.

The tech giant said demand was particularly strong in Southeast Asia, where expanding markets helped offset weakness in other regions. The growth stands out against the backdrop of a sluggish global smartphone market, where many competitors have struggled to maintain sales momentum.

Beyond smartphones, Xiaomi has also been expanding into the electric vehicle (EV) sector, positioning itself as a diversified tech company with ambitions beyond consumer electronics.

Analysts say the latest results reflect Xiaomi’s ability to leverage emerging markets and brand loyalty, even as the industry grapples with inflationary pressures and supply chain challenges.

The company’s continued growth could further strengthen its global footprint, especially as it looks to compete more aggressively with rivals in both the smartphone and EV markets.