Xiaomi Sales Spike Following COVID-19

142 0

Chinese rival to Apple, Xiaomi has reported a 13.6% in a first-quarter revenue on Wednesday, beating estimates, as the smartphone-maker sold more phones and benefited from sales of its higher-priced 5G phones.

The company was able to boost its sales, despite the impact of the coronavirus pandemic, which has hit supply chains hard and decreased demand for smartphones.

The company had this to say on the sales boost:

“Our production in mainland China has largely resumed, and smartphone demand has rebounded quickly.”

This optimistic outlook is in stark contrast to Apple and Samsung, who have both warned of a tough year ahead.

Sales in the first quarter of 2020 rose to $7 billion from $6.2 billion in the same period the year before. The analyst expectations were $6.7 billion.

Xiaomi has faced stiff competition in recent years from its bigger domestic rival, Huawei. In addition, the domestic smartphone market in China has been shrinking, leading many companies to focus on growing overseas.

But it looks like with the easing of lockdowns and quarantines, the sales are starting to boost back up for the company.

For all your business news and more, be sure to check back in here with GeekHash.

Related Post