Xiaomi shrugs off factory shutdowns

Xiaomi recorded double-digit growth in smartphone revenue in Q1 despite factory closures in China and India due to Covid-19 (coronavirus), with rising sales of 5G models boosting profitability. On an earnings call, president and acting CFO Wang Xiang said Xiaomi’s global smartphone shipments increased, bucking a 13 per cent drop for the broader market. He noted its smartphone business in mainland China gradually returned to normal during March, and insisted the nation’s supply chain was 100 per cent recovered, with India beginning to lift restrictions on production and sales activities in phases. Wang said the pandemic is expected to impact business in the current quarter: “However, with a gradual lifting of the lockdown measures, we have witnessed a quick rebound in many of the markets where we operate.” Net profit fell 32.3 per cent year-on-year to CNY2.2 billion ($309.8 million) on revenue of CNY49.7 billion, up 13.6 per cent, driven by a 12.3 per cent rise in smartphone sales to CNY30.3 billion and a 38.6 per cent jump in internet service to CNY5.9 billion. IoT and lifestyle products was up 7.8 per cent to CNY13 billion. 5G Smartphone shipments increased 4.7 per cent to 29.2 million units, 26 per cent of which were 5G. Increased shipments of premium and new 5G models lifted ASP 7.2 per cent. Wang said 5G smartphones were a clear driver of higher ASP in China and believes this will be sustained in future. He said Xiaomi had a 14 per cent share of the 5G handset market in China In Q1. Monthly active users of its MIUI interface grew 26.7 per cent to 330.7 million. Overseas revenue jumped 47.8 per cent to CNY24.8 billion, the highest proportion of total sales ever. R&D spend rose 13.4 per cent to CNY1.9 billion.

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