Xiaomi published its financial results: Despite coronavirus, it has an annual increase of more than 13%

Chinese company Xiaomi has released its current financial results. Despite difficult times affected by the spreading coronavirus and many companies experiencing tough times, Xiaomi is thriving and has recorded an annual increase of more than 13%.

Xiaomi financial results

The financial results report evaluates the first quarter of the year 2020, i.e. the period from 1.1.2020 to 31.3.2020.

During this period, Xiaomi saw solid growth across all areas of its business. Total revenue increased to 49,7 billion CNY (almost 6,4 billion euros), which represents an annual increase of 13,6%.

In addition, the company’s net profit earned in the first quarter was valued at 2,3 billion CNY (approximately 295,7 million euros), which is 10,6% more than in year 2019.

As we can see, Xiaomi’s profit has increased significantly. There could be several reasons, and one of them may be an increase in selling prices for certain products.

According to data from Canalys, Xiaomi managed to overcome the current market crisis and presented itself as a company that recorded the largest increase in the number of shipments not only in China, but practically around the world despite the health crisis caused by COVID-19.

Things also went well in Europe

In Spain, in the first three months of year 2020, Xiaomi became the number one company in the area of smartphone deliveries with a market share of 28% and year-over-year growth of 46%.

This report generally focuses on the Western European market as well. For the Chinese manufacturer, this remarkable result means a 79% increase in the number of shipments compared to the first quarter of 2019. As the only company, it delivered positive growth within TOP 5 in the region.

Positive and growing results are proof of the quality work that the Chinese company Xiaomi is doing, and we’ll be rooting for it so that the remaining three quarters of this year will unfold in a similar spirit.