Xiaomi on Wednesday announced its financial results for the second quarter, reporting a revenue of RMB 88.89 billion ($12.46 billion), a 32.0% year-on-year increase. Adjusted net profit was RMB 6.2 billion (870 million), up 20.1% year-on-year. With 18,290 R&D staff, the company invested RMB 5.5 billion ($770 million) in research and development for the quarter. High-end smartphones accounted for 22.1% of Xiaomi’s shipments in mainland China, while smartphone market share in the RMB 4,000-5,000 ($560 – $700) price range occupied 20.1%. Additionally, the quarter’s revenue from smart electric vehicles ventures reached RMB 6.4 billion ($900 million). [Xiaomi Q2 report]