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Overseas sales propel Xiaomi

Business | Reuters and Avery Chen May 21, 2019
<p>Chinese smartphone maker Xiaomi (1810) reported better-than-expected quarterly revenue yesterday due in part to steady growth in sales outside its home market.</p><p>Xiaomi&#39;s revenue rose 27 percent in the quarter ended March from a year earlier to 43.8 billion yuan (HK$49.72 billion), beating an average estimate of 42.109 billion yuan in a survey of analysts polled by Refinitiv. Its adjusted net income for the first quarter rose 22.4 percent to 2.08 billion yuan.</p><p>The results indicate Xiaomi&#39;s overseas expansion and focus on markets such as India and Europe are paying off as the smartphone market in China, the world&#39;s biggest, slows.</p><p>Xiaomi gets most of its revenue by selling mobile handsets, but it also makes money from selling online ads and other types of consumer hardware.</p><p>According to data from Counterpoint Research, the overall smartphone market in China contracted 7 percent year-on-year in the first quarter of 2019. Xiaomi&#39;s share shrank 21 percent over the period, while rivals Oppo, Vivo, and Huawei each saw gains.</p><p>Gross profit margin decreased by 0.6 percentage points year-on-year to 11.9 percent in the first quarter of 2019 among which, the gross profit margin from the smartphones segment dropped 2.5 percentage points to 3.3 percent.</p>


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