Beijing, Nov 28: China's tech giant Xiaomi reported 20.3-per cent adjusted net profit growth in the third quarter of this year. Its adjusted net profit reached 3.5 billion yuan ($498 million) while total revenue rose 5.5 per cent year on year to 53.7 billion yuan, the Beijing-headquartered company announced on Wednesday in its quarterly financial results, the Xinhua news agency reported. Xiaomi's overseas business continued to grow rapidly, with revenue rising 17.2 per cent year on year to 26.1 billion yuan and accounting for 48.7 per cent of the total revenue. Xiaomi Redmi Note 8 Cosmic Purple Variant Launched in India; First Sale During Black Friday Sale

Its smartphone business generated a revenue of 32.3 billion yuan. Xiaomi had a 9.2-per cent share of the global smartphone market in the third quarter, according to market research firm Canalys. Xiaomi Black Friday 2019 Sale Dates Revealed; Special Discounts, Offers & Sales on Xiaomi Smartphones, Mi TV, Mi Watch & More

The revenue from IoT and lifestyle products business was 15.6 billion yuan, up 44.4 per cent. The global shipments of Xiaomi smart TVs rose 59.8 per cent to 3.1 million units.

(The above story first appeared on LatestLY on Nov 28, 2019 10:02 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).