Xiaomi reported 13.6 percent rise in first-quarter revenue to 49.7 billion yuan or $7 billion, even as demand for its smartphones plunged amid the coronavirus pandemic that has also rattled supply chains in China.
Profit for the first quarter fell 32.3 percent to 2.16 billion yuan. Adjusted net profit of 2.3 billion yuan beat the market estimate of 2.12 billion yuan.
Xiaomi revenue in Q1 2020
Total RMB49.7 billion (+13.6%)
Smartphone RMB30.3 billion (+12.3%)
IoT and lifestyle RMB13 billion (+7.8%)
Internet services RMB5.9 billion (+38.6%)
Xiaomi revenue rose 13.6 percent to RMB49.7 billion in the first quarter of 2020 boosted by all its segments.
The monthly active users of MIUI increased to 330.7 million, an increase of 26.7 percent year-over-year.
The number of IoT devices (excluding smartphones and laptops) connected to IoT platform reached 252.0 million, an increase of 42.6 percent.
Its AI assistant had 70.5 million MAU in March 2020, an increase of 54.9 percent year-over-year.
Revenue from internet services business rose 38.6 percent to RMB5.9 billion, accounting for 11.9 percent of total revenue.
Revenue from overseas markets rose 47.8 percent to RMB24.8 billion, and, for the first time, accounted for half of total revenue.
Revenue from smartphones business rose 12.3 percent to RMB30.3 billion. It shipped 29.2 million units of smartphones in the first quarter of 2020, an increase of 4.7 percent year-over-year.
Canalys said Xiaomi ranked 4th globally in terms of smartphone shipments, and market share rose to 11.1 percent. Xiaomi was one of two of the top five smartphone companies worldwide to maintain year-over-year growth in shipments, according to Canalys.
Canalys report also said Xiaomis’ smartphone shipments in Western Europe increased 79.3 percent. Xiaomi attained the largest market share in Spain for the first time.
Xiaomi expanded 5G smartphone business by launching Mi 10 Lite Zoom Edition targeting the younger consumer segments in April 2020 with prices starting at RMB2,099. Mi 10 Lite 5G was launched in March 2020 in overseas markets, with prices starting at €349.