Xiaomi reports 55% surge in Q1 revenue

imageStock Markets5 minutes ago (May 26, 2021 06:45AM ET)

(C) 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:XIACF) 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 Chinese yuan renminbi)

Xiaomi reports 55% surge in Q1 revenue

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.