Xiaomi grew rapidly in Q1 / 2020: Turnover reached 7 billion USD, sold 29 million smartphones, surpassing 10% of global market share for the first time.

Xiaomi has just released its Q1 / 2020 financial report, with impressive growth figures despite the Covid-19 epidemic. Total revenue reached 49.7 billion yuan (US $ 7 billion), up 13.6% over the previous year. Net profit reached 2.3 billion yuan ($ 325 million), up 10.6% from last year.

Contrary to giants like Apple or Samsung, Xiaomi is not much affected by the Covid-19 epidemic. Xiaomi president and chief financial officer Wang Xiang said the Covid-19 epidemic did not affect the smartphone market much. Because there has been no significant growth in the market recently, the decline due to the epidemic is not as large as many people think.

Xiaomi’s biggest rival in China is Huawei, which is facing a lot of difficulties. Especially in major markets outside of China, it gives Xiaomi a chance to grow market share quickly.

Although Xiaomi’s global market share is still not high, Q1 / 2020 is the first time that Xiaomi has surpassed 10%, reaching 11.1% of the global smartphone market share. Xiaomi’s smartphone sales reached 29.2 million devices, an increase of 4.7% compared to last year.

Wang Xiang said Xiaomi’s next strategy will be to focus on 5G. Xiaomi will continue to launch more affordable 5G smartphones in order to spread this new technology to users. After the Covid-19 epidemic is over, it will be a period of economic recovery, and there are still many opportunities for Xiaomi to continue to occupy Huawei’s market share.

References: gizchina