Its competitively-priced, high-end phones have brought success

It seems like the mighty have fallen in the Chinese smartphone market as Xiaomi surpassed both Samsung and Lenovo in shipments for the first time.
According to The Wall Street Journal, Xiaomi was No. 1 in Chinese smartphone shipments for the second quarter with 14 percent market share, representing the first time it had passed up big players like Samsung
Samsung, Lenovo and Yulong each tied for second place with 12 percent market share in Q2 2014. 
Chinese smartphone maker Xiaomi has certainly come a long way, as its first quarter market share stood at 10.7 percent (compared to Samsung's 18.3 percent and Lenovo's 11 percent) and had only 5 percent a year ago. 
Many attribute Xiaomi's success to its aggressive price points and high quality smartphones. Xiaomi’s devices -- including the Mi flagship series products and the Redmi series products -- are priced much more aggressively than Samsung’s high-end Galaxy smartphones, which usually cost more than $500 USD. 

Even with lower prices, Xiaomi smartphones still feature high-end chipsets, displays and cameras.
Samsung's fall to second place in the Chinese smartphone market isn't all too surprising. Last month, it was reported that Samsung's shipments for Q2 2014 actually declined year-over-year (YoY) from 77.3 million units to 74.3 million units despite the release of the Galaxy S5.
In addition, Samsung’s share of the global smartphone market fell from 32.3 percent in Q2 2013 to 25.2 percent in Q2 2014.
As far as Q2 earnings, Samsung made $6.07 billion USD in net profit on total revenue of $50.86 billion USD. Operating profit came in at $6.98 billion USD, which represented a 15 percent decrease from Q1 2014. 
This represents a 25 percent decrease from the same period last year ($9.27 billion USD). 

Source: The Wall Street Journal

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