Xiaomi sees revenues jump 13.6% as product returns to pre-crisis levels

Xiaomi has seen a double digit rise in first quarter revenue despite the corornavirus’ impact on its supply chain production returns to normal.

The Chinese tech giant reported a 13.6 per cent rise in revenue for first three months of 2020, rising from 43.76 billion yuan (£5.04 billion) to 49.7 billion yuan (£5.72 billion).

This comfortably beat analysts’ expectations of 47.86 billion yuan (£5.51 billion), with many expecting it fall in line with rivals like Apple and Samsung who have both warned that revenues will take a major hit this year.

READ MORE: Apple to shut all 464 stores outside of China “until further notice”

Profits meanwhile dropped by around a third, though this was reportedly due to its investments in other firms which have seen their values plummet during the pandemic.

Despite domestic sales falling by roughly a quarter during the period, reflecting an 18 per cent drop in smartphone sales across China, Xiaomi said demand had now largely returned.

“Our production in mainland China has largely resumed, and smartphone demand has rebounded quickly”.

Its standout results were attributed to a jump in sales for its new 5G phones in both China and abroad.

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Apps / MobileCompaniesNews

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