Xiaomi Racks CNY 76.9 Bn Revenue in Q1 2021

Consumer Discretionary Author: 石伟 May 27, 2021 07:00 AM (GMT+8)

The results exceeded analyst expectations as Xiaomi pounced into the market gap left by Huawei.

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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.