China's Xiaomi reports 13.6 pct rise in Q1 revenue, overseas income accounts for half
Chinese smartphone maker Xiaomi Corp on Wednesday reported a 13.6-percent rise in revenue for the first quarter of the year, with overseas market revenue rising 47.8 percent year on year, accounting for half of the total revenue for the first time despite the impact of COVID-19.
Xiaomi's revenue hit 49.7 billion yuan (about 7 billion U.S. dollars) in the first quarter, beating Reuters analyst expectations of 47.86 billion yuan. The company's adjusted net profit during the period reached 2.3 billion yuan increase of 10.6 percent year on year, said its financial report.
Internet business stood out in the first quarter, with the revenue surging 38.6 percent to 5.9 billion yuan, accounting for a record 11.9 percent of the total.
However, the company reported a 35.7-percent-drop in operating profit during the period. It said the production, transportation and installation of large household appliances have been severely affected by COVID-19.
Shipment of smart TV still rose 3 percent to 2.7 million despite the overall downward trend of the TV industry globally.
Overseas market expansion
Overseas market revenue totaled 24.8 billion yuan, accounting for 50 percent of the total, and its smartphone shipment remains on the upswing.
Smartphone shipment in the European market rose 58.3 percent year on year, with the market share reaching 14.3 percent, data from Canalys showed. Market share in terms of shipment stood at 38 percent in Spain, securing the first spot for the first time.
According to a report by research firm IDC, Xiaomi's smartphone shipment in India ranked the first for 11 quarters.