Chinese smartphone manufacturer Xiaomi claimed that it sold 34.7 million phones in the first half of 2015 (H1 2015), registering a 33% year-on-year (YoY) growth over H1 2014. It's worth noting that Xiaomi CEO Lei Jun had recently claimed that the company was targeting 80 million to 100 million phone sales in 2015. That now seems unlikely, if sales continue at this pace. He had also claimed that the company was targeting revenues of $16-32 billion for the year. We sold 34.7 mn smartphones in H1 2015 - 33% YOY increase over H1 2014! Mi fans - thanks for all ur love n support :) pic.twitter.com/W8ZDDeSKM2 — Manu Kumar Jain (@manukumarjain) July 2, 2015 However, it needs to be kept in mind that Xiaomi's biggest market, China witnessed a 4% YoY contraction and a 8% quarter-on-quarter (QoQ) contraction of its smartphone market, according to an IDC report. This was the first YoY contraction in 6 years. Xiaomi had a 13.7% market share in the Chinese smartphone market, behind Apple with a 14.7% market share, in Q1 2015. Another thing that needs to be pointed out is that the 34.7 million phones sold denote the number of phones actually sold to customers and not devices shipped to retailers. Xiaomi co-founder Bin Lin had claimed that they sold 61.12 million smartphones in 2014, up 227% YoY. The revenues also grew by 135% to CNY74.3 billion (around $12 billion) for 2014. Xiaomi had reported a profit of $56 million in 2013 on revenues of $4.3 billion, although…
