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.

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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.

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