Xiaomi smartphone surge bears fruits

Xiaomi posted record net profit and revenue highs in Q1 2021, fuelled by its ever-growing smartphone business.

Profit of CNY14.2 billion ($2.2 billion) was up 87.4 per cent year-on-year, with revenue growing 54 per cent to CNY76.9 billion.

Xiaomi stated the period demonstrated “the robustness” of its business model and execution of strategy, with rising smartphone shipments driving its global user base.

Smartphone sales of CNY51.5 billion were up 68.9 per cent, on shipments of 49.2 million units, up 69.2 per cent.

Xiaomi noted Canalys placed it in third place in global shipments during Q1 with a 14.1 per cent market share.

In the premium segment, a key growth target, shipments exceeded 4 million units, giving it a 16.1 per cent market share.

Xiaomi’s IoT and lifestyle products were also bright points, with revenue increasing 40.5 per cent to CNY18.2 billion, driven by TV shipments in mainland China and smart home hardware.

Internet services grew 11.4 per cent to CNY6.6 billion, with its global internet user base up 28.6 per cent to 425.3 million.

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