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Xiaomi Q1 2019 Financial Results: Revenue from International Markets Grew 34.7% YoY

May 20, 2019 9:15 pm

Beijing (PingWest) – Xiaomi (01810.HK), the leading smartphone manufacturer in China, announced its Q1 2019 financial results today.

In Q1 2019, Xiaomi reported 43.8 billion RMB ($6.33 billion) in revenue, representing an increase of 27.2% over the corresponding period of 2018. Profit for the first quarter of 2019 grew to 3.2 billion RMB and adjusted net profit grew 22.4% year-on-year to 2.1 billion RMB.

Selling and marketing expenses rose to 1.8 billion RMB ($0.26 billion) in Q1 2019, representing an increase of 31.5% year-on-year. According to Canalys, Xiaomi ranked 4th globally in terms of the volume of smartphone shipments during Q1 2019.

Revenue of the IoT and lifestyle products segment surged by 56.5% to 12.0 billion RMB ($1.74 billion) over the corresponding period of 2018. Its AI assistant Xiao Ai had over 45.5 million MAUs in March 2019, representing a year-on-year increase of 247.2%.

The revenue from international markets grew 34.7% year-on-year to 16.8 billion RMB ($2.43 billion) in the first quarter of 2019. As of March 31, 2019, there were 480 authorized Mi Home stores overseas, representing a 93.5% year-on-year growth, of which 79 stores were located in India.

According to the financial reports, the company claimed it will continue to actively explore new markets, such as Africa and Latin America.

Administrative expenses and R&D expenses increased by 35.8% and 49.5 %, respectively.

Source: Xiaomi