Xiaomi income surges 55% in Q1

Beijing, May 26

Chinese smartphone maker Xiaomi reported first-quarter revenue growth of 55% on Wednesday, as it nabbed market share from market leader Huawei.

Revenue rose to 76.88 billion yuan ($12 billion) in the quarter ended March 31 from 49.70 billion yuan a year earlier. Analysts expected revenue of 74.5 billion yen, according to Refinitiv data. Adjusted net profit rose to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.

Xiaomi’s share of the smartphone market in China increased 75% y-o-y in the quarter ending late March, according to research firm Canalys, as Huawei retreated from the market following US trade restrictions that crimped its ability to source key components for its handsets. — Reuters

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