Xiaomi’s first quarter quarter revenues are 27 percent, the beats estimate
Chinese smartphone maker Shiaomi hopes for good quarterly revenues due to continued growth in sales outside its domestic market on Monday. The results indicate Xiaomi’s foreign expansion and are focusing on markets like India and Europe, which are paying as the world’s largest smartphone market in China. According to analysts surveyed by Refinitiv CNY 42.8 billion ($ 6.3 billion) a year ago, Xiaomi’s revenues increased 27 percent in the quarter ended March.
Most of the revenue is earned by selling mobile handsets to Xiaomi, but it also earns money by selling online advertisements and other types of consumer hardware – an approach described as a “Triathlon” business model when it is in Hong Kong in 2018 Listed
In the first quarter, its adjusted net income increased to CNY 2.1 billion, which was 1.7 billion a year ago.
According to the Counterpoint Research data, China’s overall smartphone market has contracted 7 percent year-on-year in the first quarter of 2019.
Xiaomi’s share in the domestic smartphone market increased by 21%, the same study shows, whereas the rival Oppo, Vivo, and Huawei saw each profit.
Xiaomi has tried to offset the recession in the home by expanding aggressively overseas. It has been a leading phone seller in India, and has grown rapidly in Europe since its launch in 2018 in the whole continent.
Xiaomi has also tried to raise prices of its major equipment along with unlocking its cheap models in sub-brands.