Xiaomi reports 3.2b yuan profitBusiness | 20 May 2019 7:00 pm
Xiaomi Corp (1810) reported today profit for the first quarter increased to 3.2 billion yuan, compared with 7 billion yuan loss in the same quarter of 2018.
Adjusted net profit grew by 22.4 percent year-on-year to 2.1 billion yaun.
Revenue grew by 27.2 percent on-year to 43.8 billion yuan.
Smartphone revenue increased by 16.2 percent to 27 billion yuan, from the year before period. Smartphone sales reached 27.9 million units.
The gross profit margin from smartphones fell from 5.8 percent in the first quarter of 2018 to 3.3 percent in the first quarter of 2019, mainly due to the decline in the gross profit margin from our overseas smartphone business, Xiaomi said.
The Redmi Note 7, released on January 10, and launched in overseas markets on February 28, was in high demand, the company said. Shipments of Redmi Note 7 series exceeded 4 million units in the first quarter of 2019.
Revenue of the Internet of Things and lifestyle products segment grew by 56.5 percent to 12 billion yuan.
Revenue from internet services grew by 31.8 percent year-on-year to 4.3 billion yuan in the first quarter, Xiaomi reported.