Mobile + telecom
Xiaomi overseas sales account for half of 1Q20 revenues
Jingyue Hsiao, Taipei; Steve Shen, DIGITIMES

Xiaomi has reported strong sales for the first quarter of 2020, with overseas sales for the first time accounting for half of its total revenues.

The company saw its revenues grow 13.6% on year to CNY49.702 billion (US$6.883 billion) in the first quarter, buoyed by a 47.8% increase in overseas sales to CNY24.8 billion, roughly 50% of its total sales.

Smartphone sales remained the largest chunk of Xiaomi's business in the quarter, growing 12.3% to CNY30.3 billion. Xiaomi was also keen on developing the 5G phone market in China, taking up 14.1% share in the segment in the period.

Xiaomi also saw its IoT platform products expand in the first quarter, with the number of its IoT connected devices increasing 42.6% to 252 million units, according to data from iResearch.

Net profit rose 10.6% to CNY2.301 billion in the first quarter, the company reported.

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