Clean bill

21 May 2020 By Robyn Mak Follow @mak_robyn

Rolling out a 5G model during China’s lockdown paid off for the online-savvy handset maker. First-quarter sales increased 14% from a year earlier, to $7 bln. Serious setbacks for rival Huawei and virus-powered interest in home gadgets should help sustain the impressive growth.

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Chinese smartphone maker Xiaomi on May 20 reported revenue of 49.7 billion yuan ($7 billion) in the three months to March, an increase of 14% from the same period a year earlier.

Adjusted earnings, excluding share-based compensation and one-off items, increased 11% to 2.3 billion yuan.

The company, the fourth largest smartphone maker globally, sold 29.2 million units in the quarter, an increase of 4% from the first three months of 2019.

Xiaomi shares were up 2% to HK$13.06 during morning trading on May 21.

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