SHANGHAI (Reuters) – Xiaomi Corp reported a 13.6% rise in first-quarter revenue on Wednesday, beating estimates, as the Chinese smartphone maker sold more phones and benefited from sales of its higher-priced 5G models.
FILE PHOTO: People walk past a Xiaomi store in Shenyang, Liaoning province, China June 12, 2018. Picture taken June 12, 2018. REUTERS/Stringer
The company managed to boost sales despite the impact of the coronavirus, which rattled supply chains and dampened overall smartphone demand.
“Our production in mainland China has largely resumed, and smartphone demand has rebounded quickly,” the company said in its first-quarter earnings release.
Xiaomi’s optimism stands in contrast to rivals Apple Inc and Samsung Electronics Co Ltd, which have both warned of a tough year ahead.
Sales in the first quarter of 2020 rose to 49.7 billion yuan ($7.00 billion) from 43.76 billion yuan in the same period prior year, beating analyst expectations of 47.86 billion yuan.
The…
Source Reuters Tech News
Source link
