Chinese company Xiaomi publish its current financial results. Despite the difficult times affected by the spreading coronavirus and many companies experiencing difficult times, Xiaomi is prospering and recording a year-on-year increase by more than 13%.
Financial results of Xiaomi
The financial results report evaluates the first quarter of 2020, ie the period from 1.1.2020 to 31.3.2020.
During this period, Xiaomi saw solid growth in all areas of its business. Total sales increased to CNY 49,7 billion (almost 6,4 billion euros), a year-on-year increase of 13,6%.
In addition, the company's net profit for the first quarter was CNY 2,3 billion (approximately EUR 295,7 million), up 10,6% from 2019.
As we can see, Xiaomi's profit has increased significantly. There can be several reasons, and one of them can be an increase in sales prices for selected products.
According to Canalys, Xiaomi has successfully circumvented the current market crisis and introduced itself as a the largest increase in the number of shipments not only in China, but practically all over the world, despite the health crisis caused by COVID-19.
It has also been successful in Europe
In Spain, in the first three months of 2020, Xiaomi became a smartphone delivery unit with a market share of 28% and year-on-year growth of 46%.
This report also focuses on the Western European market in general. For the Chinese manufacturer, it means a remarkable result with a 79% increase in the number of shipments compared to the first quarter of 2019. As the only company to record positive growth in the TOP 5 in the region.
The positive and growing results are proof of the quality work that the Chinese company Xiaomi is doing, and we will keep our fingers crossed that the remaining three quarters of this year will take place in a similar spirit.