Chinese smartphone maker Xiaomi reports 13.6% rise in Q1 revenue

Sales in the first quarter of 2020 rose to 49.7 billion yuan ($7.00 billion) from 43.76 billion yuan in the same period prior year, beating analyst expectations of 47.86 billion yuan.

Xiaomi Corp reported a 13.6% rise in first-quarter revenue on Wednesday, beating estimates even as demand for its smartphones plunged amid the coronavirus pandemic that has also rattled supply chains in China.

FILE: The logo of Xiaomi is seen outside the brand's store in central Kiev, Ukraine August 7, 2018. (REUTERS)

Sales in the first quarter of 2020 rose to 49.7 billion yuan ($7.00 billion) from 43.76 billion yuan in the same period prior year, beating analyst expectations of 47.86 billion yuan. Profit for the first quarter fell 32.3% to 2.16 billion yuan.

Adjusted net profit of 2.3 billion yuan beat the market estimate of 2.12 billion yuan.