Xiaomi publishes Q1 report, net profits more than double as market share grows

Xiaomi publishes Q1 report, net profits more than double as market share grows

Xiaomi published its financial report on the three-month period that ends on March 31 2021, which shows growth across the board. The total revenue for the company was CNY 76.9 billion, up 54.7% compared to the same period last year, while the adjusted net profit went up to CNY 6.1 billion, a 163.8% increase over last year (note: this is a non-IFRS number).

Smartphones remain the backbone of the company, the 49.4 million units shipped accounted for CNY 51.5 billion of the revenue (up 69.8% YoY). 4 million of those phones cost CNY 3,000/€300 or more. The gross profit margin on smartphones…