Xiaomi sales jump despite lockdowns
Sales at Xiaomi are on the up, despite lockdowns.
The Chinese smartphone maker reported a 13.6 percent jump in first-quarter revenue on Wednesday (May 20).
That as it sold more phones, including higher-priced 5G models.
After the pandemic hit production, Xiaomi says it’s almost fully back up and running.
It says demand has recovered, with overseas sales rising too.
Xiaomi makes most of its money on handsets, but also sells online ads and other types of hardware.
Sales in the first quarter rose to 7 billion dollars, comfortably ahead of analyst forecasts.
It’s all a contrast with rivals Apple and Samsung, which have both warned of a tough year ahead.
Meanwhile domestic rival Huawei faces mounting U.S. restrictions over allegations - all strongly denied - that it’s a risk to national security.
Xiaomi can’t shrug off China’s shrinking phone market though.
Total first quarter sales to local consumers were down almost a fifth on the year.
Like Chinese rivals, that has Xiaomi looking to overseas markets for growth.
