Xiaomi Revenue Grows 55% In The First Quarter Of 2021

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Xiaomi: Chinese manufacturer Xiaomi announced a 55% growth in its revenues in the first quarter of 2021. The data was revealed in financial reports published on Wednesday (26).

In the quarter ended March 31, the brand’s revenue rose to 76.8 billion yuan – R $ 63.7 billion in the current conversion. The result surpassed the value of 49.7 billion yuan obtained in the same period in 2020.

Xiaomi’s share of the mobile phone market in China increased 75% compared to the first quarter of 2020. However, analysts note that the growth is related to the departure of Huawei, a company affected by US trade sanctions.

Globally, the financial report indicates the shipment of 49.4 million devices during the first quarter of 2021. This helped the brand to conquer 14.1% of the smartphone market, being in third place behind Samsung and Apple.

Unlike competitors, Xiaomi does not seem to feel the effects of the global semiconductor shortages. Although it sees the increase in the price of components as a challenge, the manufacturer still sees a favorable scenario in 2021.

In a meeting with investors, CFO Alain Lam said that chip stocks remained at “healthy” levels. The executive believes that the crisis should not impact the brand’s business this year, but the problem should last until the middle of 2022.

Xiaomi’s next plans

For the future, Xiaomi executives plan to expand the number of physical stores in China. Likewise, the brand intends to invest in online sales in India – one of its main markets abroad.

Finally, the manufacturer revealed that it has finally ceased to be considered a dangerous company for the United States. Therefore, it is free to resume commercial partnerships with American companies.