Xiaomi's Q1 revenue jumps by 27%, hits 43.8 bln yuan

Chinese smartphone maker Xiaomi Corp reported better-than-expected quarterly revenue Monday.

Driven bystrong smartphone shipments overseas and its growing internet of things (IoT) platform, Xiaomi's revenue rose by 27 percent in the quarter ended March from a year earlier to 43.8 billion yuan (6.3 billion U.S. dollars), beating estimates. The company's adjusted net income for the first quarter rose to 2.1 billion yuan, versus 1.7 billion yuan a year ago.

The Beijing-based company, also the world's fourth-largest smartphone maker by sales volume, has been rapidly expanding its presence in overseas markets such as India and Europe.

Xiaomi has attempted to move upmarket and raise the prices of its flagship devices while moving its cheaper models into sub-brands. The average selling price (ASP) for smartphones sold in the Chinese mainland leaped by almost 30 percent, for overseas, growth went to 12.1 percent. Citing third-party research, the company said its market share in China has risen for three straight months to 11.8 percent in March.

The number of connected IoT devices (excluding smartphones and laptops) on the company's IoT platform grew by 70 percent to 171 million units in the first quarter. The company's AI assistant had over 45.5 million monthly active users in March, a jump of over 247 percent.

(CGTN)