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China's Xiaomi reverses slide, posts record quarter for phone sales


After two years of slumping sales, China's Xiaomi said Friday that it shipped a record 23 million smartphones last quarter. That's up 70 percent from the prior quarter.

"This is a truly significant milestone for Xiaomi," CEO Lei Jun said in a statement. He also said that he is confident the company can reach its revenue goal of 100 billion Chinese yuan ($14.7 billion) for the year and said Xiaomi is aiming to ship 100 million phones in 2017.

Why it matters: As Lei Jun pointed out in his letter, the smartphone business tends to be unforgiving. Companies that see a slump tend not to recover. (Think BlackBerry, Nokia, HTC, etc.)