Operating profit increased 54.3 percent to 12.6 trillion won from 8.1 trillion won a year earlier, more than half of which came from the firm's semiconductor business
Xiaomi has surpassed Apple in terms of market share in Europe.
Xiaomi now accounts for 23 percent share of the European region as compared to Apple's 19 percent and witnessed impressive 85 percent year-on-year growth in Europe as compared to Apple's 22 percent.
Its decision to pull out will leave its 10pc share in North America, where it is the No. 3 brand, to be gobbled up by smartphone titans Apple Inc and Samsung Electronics.