By Dhirendra Tripathi
Investing.com – Xiaomi (OTC:) stock rose 4% Friday on a report showing the Chinese company overtook Apple in the second quarter to be the world’s second-largest smartphone maker.
Apple (NASDAQ:) stock dipped 0.5%.
According to analyst firm Canalys, South Korea’s Samsung (OTC:) continued to be the largest smartphone maker, with its second-quarter market share at 19%, ahead of Xiaomi’s 17% and Apple’s 14%.
Oppo and Vivo came next, with 10% market share each.
Xiaomi’s shipments grew 83%, with Oppo’s a distant second at 28%. Samsung’s shipments grew 15% and Apple’s 1%.
Canalys Research Manager Ben Stanton noted the Chinese manufacturer’s phones are still largely skewed toward the mass market. Its average selling price is around 75% cheaper than Apple, he said.
Stanton said a major priority for Xiaomi this year is to grow sales of its high-end devices, such as the Mi 11 Ultra, “but it will be a tough battle, with Oppo and Vivo sharing the same objective, and both willing to spend big on above-the-line marketing to build their brands in a way that Xiaomi is not”.