Xiaomi posts a 13.6% increase in Q1 sales despite Coronavirus disruptions

Chinese smartphone maker Xiaomi reports 13.6% rise in first-quarter revenue

With revenues of $830 million, a year-on-year increase of 38.6%, the division accounts for 11.6% of total revenues, up from 10.1% in Q4 2020 and 9.9% in Q3 2020.

Xiaomi has benefitted from a globalization drive that saw it earn about half of its revenue from countries outside its home China market in the first quarter.

Smartphone revenue increased by 12.3 percent to CNY 30.3 billion in the first quarter.

Xiaomi's revenue rose 13.6% in the first quarter from a year earlier to 49.7 billion yuan ($7 billion), though its profit plunged 32.3% to 2.16 billion yuan, according to its latest quarterly report released on Wednesday after markets closed in Hong Kong. Topping experts' forecast, Xiaomi attributed the upbeat performance to a greater demand for its 5G phones that are traditionally priced higher. The company said production in mainland China has largely resumed, and smartphone demand has rebounded quickly.

Total first quarter sales to local consumers were down nearly a fifth on the year. Apple's iPhone shipments in China, however, climbed from 0.5 million in February to 2.5 million in March.

COVID 19: City parks open again - with some restrictions
Toronto initially closed all park amenities in March, based on public health advice to reduce the spread of COVID-19 in the city. In all cases, physical distancing of at least two metres is required and groups of more than five people are still restricted.

Chinese smartphone manufacturer Xiaomi has been able to rise above the odds, which were stacked against it and virtually every company in the world at the moment.

Profits fell by roughly one third due to a drop in the value of Xiaomi's investments in other companies. The biggest, Huawei, had enjoyed success before the impact of United States sanctions began to be felt, while Xiaomi has tapped into demand in developing markets like India and Latin America.

The company gets most of its revenue from selling mobile handsets, but also makes money by selling online ads and other types of consumer hardware. Owing to the contraction in China's local market for smartphones, Xiaomi is now increasingly focused on building a reputation in the worldwide market.

But more significantly Xiaomi has grown by 58.3 per cent in Europe, according to Canalys numbers. By comparison, global leaders Samsung and Huawei saw their sales fall 18.9% and 17.1% for the quarter, respectively.

In March, the smartphone maker had announced that signs of recovery are already showing in the sales data as the outbreak started to get under control in China.

Related News:

Most liked

Tests on hamsters reveal efficacy of masks in reducing coronavirus spread
When the mask was placed closer to the infected cage, the infection rate dropped to one-sixth or 16.7 percent, the study said. In another container connected to the first one, they placed a healthy hamster, thus creating an opportunity for infection.

Singapore slammed for 'cruel' Zoom death sentence
Nevertheless, he went ahead to condemn Singapore's death sentence policy on drug trafficking that defies global law and standards. Human Rights Watch said the death penalty is already cruel and inhumane, and the use of Zoom to announce it made it worse.

Lana Del Rey under fire for her comments about women in music
The "Blue Jeans" singer has been called "racist" and "entitled" after sharing her thoughts on double standards in music. Del Rey has released six studio albums.

Lady Gaga 'flirting with the idea' of sobriety after quitting smoking
It's a big day for Little Monsters and Arianators as Lady Gaga and Ariana Grande's highly anticipated collaboration finally drops. What did you think of Lady Gaga and Ariana Grande's collab, Rain On Me? She was, 'You're hiding.' And I was like, 'I am hiding.

Samsung Galaxy Note 20 Might be Unveiled Online Because of the Pandemic
Some have also taken the online route for their product launches and it looks like Samsung is also planning on doing the same. Samsung typically launches its Note series smartphones in New York City over the summer.

Watch the new ‘Tenet’ trailer
Despite the fact that the pandemic is still ongoing, the studio's still betting on Tenet releasing on the big screen. It was shot in seven countries: Denmark, Estonia, India, Italy, Norway, the United Kingdom and the United States.

Mainland spokesperson urges USA side to stop official exchanges with Taiwan
He also referred to "the difference between China and Taiwan" in his statement, calling Taiwan a "model world citizen". Young also said that the current US administration has clearly communicated its position on cross-strait relations.

Iran leader says Israel a 'cancerous tumor' to be destroyed
Iranians burn an Israeli flag during a parade marking Quds (Jerusalem) Day in Tehran on May 31, 2019. The final solution: "Resistance until Referendum", the poster's text declared.

Nikki Bella shares horrific negligence by WWE during critical neck injury
Nikki halfheartedly responds, "I don't know." when Brie cuts her off to say, "That means no". "That's what upsets me the most. We'll have to see how it plays out when Total Bellas continues on Thursdays at 9:00 p.m. on E!

Michigan AG On Trump's Lack Of Mask
But the US now has a surplus of the breathing machines, leading Trump to begin describing the U.S.as the "king of ventilators". Mr Trump's defiance came despite Ford's own policy stating that all visitors must wear a face mask at its sites.

Support seems to growing for change to NFL's onside kick rule
Either way, Pelissero gets the sense that some version of that concept will be tested in the preseason. If they fail to convert, the opposing team would be able to take from the location of the dead ball.

Coronavirus: Virus test with 20-minute results being trialled in Hampshire
The test does not need to be sent off to a lab and will be rolled out more widely if it is shown to be effective, Hancock said. A smartphone app is now being tested, while the government has also promised to recruit 25,000 tracing staff.

Target stores to close in massive restructure
There are a number of Target stores in the ACT including at the Canberra Centre, Belconnen, Tuggeranong and Weston Creek. Between 122 and 167 locations will either be converted or shut, or around half of Target's 284-strong store network.

China Ditches GDP Growth Target for 2020
In 2018, China announced its largest military budget increase in three years at 8.1 percent, to 1.1 trillion yuan. The tax and fee burden shouldered by companies will be cut by 2.5 trillion yuan this year, Li said.

Trump threatens to withhold funding to some states eyeing mail-in voting
The president similarly threatened to withhold funds to Nevada because they created "a great Voter Fraud scenario". Breaking: Michigan sends absentee ballots to 7.7 million people ahead of Primaries and the General Election.