Smartphone maker Xiaomi’s first-quarter revenue jumps 27%, beats estimates

Shanghai: Chinese smartphone maker Xiaomi Corp reported better than-expected quarterly revenue on Monday due in part to steady growth in sales outside its home market.

The results indicate Xiaomi’s overseas expansion and focus on markets such as India and Europe are paying off as the smartphone market in China, the world’s biggest, slows.

Xiaomi’s revenue rose 27% in the quarter ended March from a year earlier to 43.8 billion yuan ($6.3 billion), beating an average estimate of 42.109 billion yuan in a survey of analysts polled by Refinitiv.

Xiaomi gets most of its revenue by selling mobile handsets, but it also makes money from selling online ads and other types of consumer hardware – an approach it described as a “triathlon” business model when it listed in Hong Kong in 2018.