Chinese smartphone maker Xiaomi Corp. reported first-quarter revenue growth of 55 percent on Wednesday, above analyst expectations, as it nabbed market share from one-time market leader Huawei Technologies Co., Ltd.

Revenue rose to 76.88 billion yuan ($12 billion) in the quarter ended March 31, from 49.70 billion yuan a year earlier. 

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 by 75 percent year on year in the quarter ending late March, according to research firm Canalys, as Huawei retreated from the market following U.S. trade restrictions that crimped its ability to source key components for its handsets.

Revenue from smartphone sales jumped by 69.8 percent year over year to 51.5 billion yuan, while revenue from internet services increased by 11.4 percent year over year to 6.6 billion yuan. 

Despite the revenue growth, Xiaomi and other electronics brands remain hampered by the global chip shortage.

A number of causes such as stockpiling, surging demand for personal computers during COVID-19, and mishaps at factories caused a range of hardware makers to scramble for semiconductors late last year.

Earlier this month, Xiaomi Vice President Lu Weibing said on social media it would be "optimistic" to expect the shortage to be over by early next year. 

This quarter Xiaomi also announced it would formally begin producing electric cars, with a new division to be led by Xiaomi founder Lei Jun. 

The U.S. government also removed the company from a blacklist that would have barred U.S.-based investors from owning shares in the company, reversing one of former U.S. President Donald Trump's last maneuvers against China's tech sector before leaving office.