The Chinese smartphone manufacturer Xiaomi reported an income growth for the first quarter of 55 percent on Wednesday, which exceeded the analysts’ expectations, since it ran down the market share of a single leader of the Huawei.reveven sector, He lifted CNY 76.88 billion (approximately Rs. 87,570 million rupees) in the quarter ended March 31, from CN and 49.70 billion (approximately Rs. 56,620 million rupees) per year.
Analysts expected CNY income 74.5 billion (approximately Rs. 84,870 million rupees), according to refining data. Net benefit adjusted to CNY 6.1 billion (approximately Rs. 6,950 million rupees), compared to CNY market estimates 3.97 billion (approximately RS. 4.520 million rupees).
xiaomi participation of the smartphone market in China increased 75 percent year-on-year in the quarter end at the end of March, according to the research firm, according to Huawei withdrew from the market after US trade restrictions UU that he regards his capacity to obtain key components of origin for his phones.
Sales of smartphones jumped 69.8 percent year after year to CNY 51.5 billion (approximately Rs. 58.670 million rupees), while the revenues of Internet services increased 11.4 percent to CNY 6.6 billion (approximately Rs. 7,520 million rupees). The growth of income, Xiaomi and other brands of electronic products are hampered by the global shortage of chips.
A number of causes, such as storage, demand for personal computers demand during COVID-19, and factories in factories caused a range of Her manufacturers are struggled by semiconductors at the end of last year. At the time of the call with investors, Xiaomi CFO Alain Lam said that the company’s chip inventories remained at “healthy” levels and did not expect a great impact on business this year, although the broader scarcity may not end up 2022.
Executives also added that the company intends to duplicate the number of out-of-line retail stores in China, from about 5,000 at present to more than 10,000. In India, meanwhile, one of its key abroad markets, the company will invest more in online sales, since the government imposes strict cerrajancas due to an increase in the cases of Covid-19.
This quarter, Xiaomi also announced It would formally start to produce electric cars, with a new division to be directed by the founder of Xiaomi. Lei Jun.The Government of the USA UU also eliminated the company from a blacklist that would have forbidden investors based in the United States from the owners of actions in the company, investing one of the former US president of Donald Trump . The latest maneuvers against China`s Tech. CTOR before it left the office.