A day after the United States government removed Xiaomi from the blacklist of Chinese companies, the technology company released its first quarter results posting record growth that helped it maintain its position among the top 3 brands in global smartphone market.
“The Company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation,” Xiaomi said in a statement. “The Company will continue to provide reliable consumer electronics products and services to users, and to relentlessly build amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.”
According to AP, the administration of former President Donald Trump put the company in the blacklist January this year under the suspicion of links to China’s military.
Xiaomi said the first quarter results that include total revenue and adjusted net profit “far exceeded market expectation.” Total revenue for the period amounted to RMB76.9 billion, representing an increase of 54.7% year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.
Quoting industry analyst firm Canalys’ report, Xiaomi said the smartphone brand rose to the fourth position winning a market share of 14.6%. As the pandemic rages on, the company invested heavily in online stores and partnerships with e-commerce websites. It also opened its offline retail stores which now is more than 5,500, an increase of over 2,300 stores from Dec. 31, 2020.
The variety of its portfolio capture different markets that also contributed to the revenue growth. Xiaomi also attribute the strong performance of the smartphone business to the release of premium smartphones.
The smart device business also experienced growth with revenue increasing 40.5% year-over-year to RMB18.2 billion. In the first quarter of 2021, global shipments of Xiaomi’s smart TVs reached 2.6 million units.
Overseas markets maintain growth momentum achieving explosive growth across Europe
In the first quarter of 2021, Xiaomi’s revenue from overseas markets increased 50.6% year-over-year to RMB37.4 billion. According to Canalys, Xiaomi’s market share in the first quarter ranked among the top 5 smartphone companies in terms of shipments in 62 countries and regions globally, and No.1 in 12 countries and regions.