Xiaomi posts strong Q1 figures d... - Manufacturers

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

"Our smartphone shipments have resumed to about 90% compared to pre-pandemic levels", Wang Xiang, president and acting chief financial officer, said in a conference call on Wednesday.

A contributing factor of this growth was accredited to overseas revenue, which grew by 47.8% YoY - meaning Xiaomi's overseas revenue contributed to half of its total revenue, for the first time since the company was founded.

Adjusted net profit for the period was 2.3 billion yuan, up 10.6 percent year on year.

Xiaomi founder and CEO Lei Jun attends a product launch event in Beijing previous year.

Xiaomi is another Chinese company which has been embraced by the worldwide markets in recent years, a critical driver of revenue growth, but this progress might prove to be the source of great pain during the second period of 2020.

This number is up 4.7 per cent YoY, as Xiaomi grew its market share to 11.1pc.

This is in line with a report from Canalys which came out just a little while ago, which suggested that even though the top 3 players in the smartphone market, Samsung, Huawei and Apple saw 17%, 35% and 8% declines in shipments respectively, Xiaomi managed to bump its numbers up by 9%.

Xiaomi posts a 13.6% increase in its sales to £5.72 billion in the first quarter.

Shares of Xiaomi Corp. turned in a mixed performance Thursday, after an early rally sparked by a strong first-quarter ran out of steam over concerns about the company's forecast for a looming slowdown due to the global pandemic.

Xiaomi has been trying to move up the value chain by selling pricier smartphones that typically carry fatter profit margins and are also a segment of the market where competition isn't as fierce. Learn more about day trading in the stock market.

In spite of the tough conditions the industry has faced this year, Xiaomi said that it was able to navigate the downturn of the market.

The company also reported double-digit growth in monthly active users of MIUI, Xiaomi's home-grown Android-based operating system, and its Mi Home App.

Analyst Wang said this could help the company better monetize its internet services revenue with advertising and membership fees.

Xiaomi's revenue hit 49.7 billion yuan (about 7 billion USA dollars) in the first quarter, beating Reuters analyst expectations of 47.86 billion yuan.



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