Chinese smartphone vendor Xiaomi has announced revenue growth of 13.6 per cent year-on-year for the first quarter.
That is despite the current coronavirus pandemic that has spread worldwide, with over five million cases and 300,000 deaths.
Revenue for the quarter amounted to £5.72 billion, with adjusted net profit also up 10.6pc to £260 million.
It follows a strong performance on smartphone sales, with Xiaomi shipping 29.2 million units according to Canalys.
This number is up 4.7 per cent YoY, as Xiaomi grew its market share to 11.1pc.
Xiaomi is also one of only two vendors in the top five to maintain YoY growth.
Xiaomi Founder, Chairman and CEO Mr. Lei Jun said: “Although the industry is facing severe challenges, the Group still experienced growth in all segments despite the market downturn, which fully reflects the flexibility, resilience and competitiveness of Xiaomi’s business model.”
The vendor also fared well with its 5G and IoT offering, with Xiaomi’s 5G penetration rate in China at 25.9 per cent.
An increase of 13.4 pc YoY in R&D expenses also helped Xiaomi to significantly boost overseas revenue.
This number grew 47 per cent to £2.85 billion in the first quarter, equating to half of the company’s total revenue.
Xiaomi put this down to strong performances in India and Nepal, where the company is the number one vendor for market share.
But more significantly Xiaomi has grown by 58.3 per cent in Europe, according to Canalys numbers.
Xiaomi topped the Spanish market with 28pc share, while also reaching top four status in Italy, France and Germany.
