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Xiaomi's Q1 revenue soars 55% to $12 bn

Xiaomi's Q1 revenue soars 55% to $12 bn

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 Analysts expected revenue of 74.5 billion yen, according to Refinitiv data

Chinese smartphone maker Xiaomi 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.

Adjusted net profit rose 164% to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.

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