Xiaomi’s overseas sales offset slowing China growth, Q1 revenue surges 27%

Chinese smartphone maker Xiaomi on Monday said its first-quarter revenue rose 27% from a year earlier to RMB 43.8 billion (around $6.3 billion), driven by steady growth in overseas sales, and exceeding analyst expectations by a solid margin.

Xiaomi’s adjusted net profit for the first quarter increased 22.4% year over year to RMB 2.1 billion.

Xiaomi’s results show that the world’s fourth-largest smartphone maker by sales volume is weathering a shrinking smartphone market in China, the world’s biggest. It is increasing focus on markets such as India and Europe. Markets outside China brought in 38.0% of its total revenue in the first quarter, representing a 34.7% year-on-year increase, according to the company.

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