Xiaomi has announced financial results for the first quarter of 2020. The company recorded a 13.6 per cent increase in revenue during Q1 2020.
The growth in revenue has come despite a fall in demand for its smartphones amid the coronavirus pandemic that has also disrupted supply chains in China.
Sales value increased from 43.76 billion yuan in Q1 2019 to 49.7 billion yuan in Q1 2020. Industry analysts, however, had predicted that sales value for Q1 2020 will be 47.86 billion yuan.
However, Xiaomi’s profit during the period under consideration fell by 32.3 per cent to 2.16 billion yuan.
Nonetheless, the company reported 2.3 billion yuan in adjusted net profit against market estimate of 2.12 billion yuan.