Xiaomi Corp. saw its revenues grow 55% in the first quarter after grabbing market shares from rival Huawei Technologies Co. Ltd., Reuters reported.

  • Xiaomi’s top line surged to 76.88 billion yuan or $12 billion in the first quarter. This is higher than the 49.70 billion the same period in 2020, and the 74.5 billion yen expected by analysts.
  • Revenue from smartphone sales climbed 69.8% year-on-year to 51.5 billion yuan, and from internet services by 11.4% to 6.6 billion yuan.
  • Xiaomi increased its share in China’s smartphone market by 75% year-on-year. Huawei was hit by trade restrictions imposed by the United States.
  • CFO Alain Lam said he does not expect a major impact from the chip shortage as inventories are “healthy” but it could last until mid-2022.
  • Xiaomi targets to double offline retail stores in China to 10,000, and will invest more in online sales in India as lockdowns persist.

1810: HKG is up 1.44%.