Xiaomi, Wednesday, announced its performance report for the first quarter of 2020. The first quarter of the year 2020 was dominated by the Coronavirus epidemic in China which soon spiralled into a global health crisis. Despite the economic challenge posed by the pandemic, Xiaomi’s Q1 performance is pretty impressive as shown in the report. The company’s revenue and profit far exceeded expectations. Its 5G mobile phones also performed very well.
In the first quarter of 2020, Xiaomi Group’s revenue reached 49.7 billion yuan, an increase of 13.6% year-on-year. The company also posted an adjusted net profit of 2.3 billion yuan, representing an increase of 10.6% year-on-year. The smartphone business raked in 30.3 billion yuan, a year-on-year increase of 12.3%. This accounted for 61.0% of the company’s total revenue in Q1.
Xiaomi’s overseas market contributed 24.8 billion yuan to the company’s Q1 2020 revenue, a year-on-year increase of 47.8%. This is the first time Xiaomi’s overseas revenue would reach 50%.
In terms of smartphone units, Xiaomi sold an estimated 29.2 million units which represent a year-on-year increase of 4.7%. According to data from research firm Canalys, Xiaomi’s global market share rose to 11.1% and the company is ranked fourth globally.
Canalys data also shows that the penetration rate of Xiaomi 5G mobile phones in the Chinese market reached 25.9% which is higher than the market average. This penetration is driven by the company’s latest 5G high-end models
The company also posted results from its IoT platform as well as the smart TV business. As of March 31, the number of connected devices on the Xiaomi IoT platform reached 252 million (excluding smartphones and notebooks), a year-on-year increase of 42.6%. The number of users with five or more connected devices on the Xiaomi IoT platform also reached 4.6 million, year-on-year An increase of 67.9%. The XiaoAI voice assistant’s monthly active users reached 70.5 million, a year-on-year increase of 54.9%. Finally, Mijia app’s monthly active users reached 40 million. For the MIUI platform, monthly active users reached 330 million, an increase of 26.7% year-on-year.
The company also posted results from its other product categories. The smart TV business recorded a shipment of 2.7 million units worldwide, ranking among the top five in the world for five consecutive quarters and ranking first in the Chinese mainland market. Xiaomi routers grew 124.0% year-on-year, and Xiaomi true wireless Bluetooth headsets grew 619.6% year-on-year. Mi Band shipment also increased by 56.0% year-on-year while the Mijia electric scooters increased by 40.7%. On its part, the Mijia robot vacuum cleaner recorded an increased shipment of 40.0% YoY.
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