The results exceeded analyst expectations as Xiaomi pounced into the market gap left by Huawei.
Xiaomi Group announced its financial results for Q1 2021 on May 26 in the first quarter of 2021, according to which:
The operating revenue was CNY 76.9 billion, a year-on-year increase of 54.7%.
Revenue from smartphone sales jumped 69.8% year-on-year to CNY 51.5 billion, while revenue from internet services increased 11.4% to CNY 6.6 billion.
Overseas market revenue was CNY 37.4 billion, a year-on-year increase of 50.6%, ranking Xiaomi among the top five in 62 countries and regions in terms of smartphone market share, with the European market ranking second.
The adjusted net profit of CNY 6.1 billion, up 163.8% year-on-year.
In March 2021, Xiaomi's Internet services monthly active users were 425 million, up 28.6% year on year. Among them, the Chinese mainland monthly active users number reached 119 million, an increase of 6.4% over the same period.
It is worth mentioning that this quarter, Xiaomi also announced it would formally begin producing electric cars, with a new division to be led by Xiaomi founder Lei Jun.
The US government also removed the company from a blacklist that would have barred US-based investors from owning shares in the company, reversing one of former US President Donald Trump's last maneuvers against China's tech sector before he left office.