Chinese smartphone maker Xiaomi reports 13.6% rise in first-quarter revenue

Technology

FILE PHOTO: People walk past a Xiaomi store in Shenyang, Liaoning province, China June 12, 2018. Picture taken June 12, 2018. REUTERS/Stringer

SHANGHAI (Reuters) – Xiaomi Corp reported a 13.6% rise in first-quarter revenue on Wednesday, beating estimates even as demand for its smartphones plunged amid the coronavirus pandemic that has also rattled supply chains in China.

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.

Profit for the first quarter fell 32.3% to 2.16 billion yuan.

Adjusted net profit of 2.3 billion yuan beat the market estimate of 2.12 billion yuan.

Reporting by Josh Horwitz, editing by Louise Heavens

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