Xiaomi reports 55% surge in Q1 revenue By Reuters

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© Reuters. FILE PHOTO: People wearing protective face masks visit Xiaomi brand’s store, amid the outbreak of the coronavirus disease (COVID-19) in Kyiv, Ukraine October 22, 2020. REUTERS/Valentyn Ogirenko/File Photo

SHANGHAI (Reuters) -Chinese smartphone maker Xiaomi (OTC:) Corp reported first-quarter revenue growth of 55% 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. Analysts expected revenue of 74.5 billion yen, according to Refinitiv data.

Profit for the period rose 89.4% to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.

($1 = 6.3930 renminbi)

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