Xiaomi revenue hits 27% in Q1

Alex Omenye
Alex Omenye

Chinese electronics giant Xiaomi on Thursday, reported a substantial 27% increase in first-quarter revenue, surpassing expectations due to robust handset sales amid a recovering smartphone market.

For the initial three months of the year, Xiaomi achieved a revenue of 75.5 billion yuan ($10.42 billion), outpacing the 73.3 billion yuan forecasted by analysts at LSEG.

Xiaomi’s adjusted net income also exceeded predictions, reaching 6.49 billion yuan, significantly higher than the 4.94 billion yuan anticipated by analysts.

This financial performance underscores a broader upturn in the global smartphone market, which has been showing signs of revitalization since late last year after an extended period of stagnation.

In terms of global shipments, Xiaomi experienced a notable 33% increase, delivering 40.7 million units in the first quarter.

This surge enabled the company to secure a 14% share of the global market, positioning it as the third-largest smartphone manufacturer worldwide, as reported by industry research firm Canalys.

Domestically, Xiaomi’s performance was also strong. In China, the company’s most significant market for smartphones, shipments rose by 8.6%, according to data from research firm Counterpoint.

This growth reflects Xiaomi’s resilient market presence and strategic execution in both global and domestic arenas.

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