Tech giant Xiaomi, recently removed from the US blacklist, is gaining ground on Huawei as its surging first quarter revenue and profit growth see it obtain a bigger portion of market share, reports Caixin.
The company’s latest earnings report, released on Wednesday, showed a total revenue growth of 54.7% year-on-year to RMB 76.9 billion ($12 billion) between January and March. With sales growth of nearly 70%, smartphones made up around two-thirds of this revenue increase. The company reported adjusted first quarter net profit of RMB 6.1 billion, up 163.8%.
According to data from research firm Canalys, Xiaomi now has a worldwide market share of 14.1% and is comfortable in its position as the world’s third-largest smartphone vendor after shipments rose 69.1% in the first quarter to 49.4 million units.