Xiaomi recently announced its unaudited consolidated results for the first quarter of this year. This financial report had the company register record high profits and revenue in the period ending on March 31.
As per an official blog post, the Chinese tech giant announced that its expectations regarding adjusted net profit and its overall revenue had far exceeded market projections. The company’s total revenue for this period was 76.9 billion Yuan (roughly 12 billion US Dollars), which marked a rise of a sizeable 54.7 percent year on year. On the other hand, the brand also recorded an adjusted net profit of 6.1 billion Yuan (roughly 965 million US Dollars), with profits seeing a whopping 163.8 percent growth year on year.
The smartphone maker added that “The strong growth of smartphone shipments drove a continued expansion of our global user base. Our AIoT platform has continued to scale in tandem across the world. Besides the solid growth in our existing business lines, we are also continuing to explore new opportunities and broadening our business horizon. In March 2021, we unveiled our new branding identity and also announced our official foray into the smart electric vehicle business, setting the course for an exciting journey that will ensure a bright future for the company in the coming decade.”
During Q1 2021, the company shipped a total of 49.4 million units and the gross profit for its smartphone business was around 12.9 percent. Xiaomi even maintained the third position in the global smartphone market, in terms of shipments, achieving a market share of 14.1 percent. Meanwhile, in China, the brand came fourth and had a market share of 14.6 percent.
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