Chinese mainland smartphone maker Xiaomi Corp said that its revenue rose by 34.5 percent on a yearly basis to 72.2 billion yuan (around $11 billion) during the third quarter of the year, the fastest growth in revenue in two years.

Wang Xiang, president of Xiaomi, expressed concerns over "supply chain shortage" in the whole industry in the fourth quarter during an earnings call late Tuesday. Despite the challenges, the company remains confident about its business for the rest of this year, he said.

Analysts said that Xiaomi's revenue rose as its smartphone business benefited from the restrictions imposed by the United States government on Huawei Technologies Co Ltd. But with Huawei resuming the production of 4G smartphones, according to reports, Xiaomi is expected to face stiffer competition in overseas markets next year.

Xiaomi said it shipped 46.6 million smartphones from July to September, up 45.3 percent on a yearly basis. Specifically, more than half of Xiaomi's third-quarter revenue came from overseas markets, which grew by 52.1 percent on a yearly basis to 39.8 billion yuan, the company said. Its smartphone shipments to Europe grew by 90.7 percent on a yearly basis in the same period, according to market research company Canalys.

The company reported an adjusted net income of 4.1 billion yuan for the third quarter, beating earlier projections of 3.3 billion yuan. But it is also worth noting that Xiaomi's internet services like music and video grew by just 8.7 percent, compared with 29 percent a year ago in the corresponding quarter.

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