Tech giant Xiaomi reports 13.6% revenue growth in Q1

BEIJING - China's tech giant Xiaomi reported 13.6 percent year-on-year revenue growth in the first quarter of 2020 despite the COVID-19 epidemic.

Its total revenue in the January-March period totaled 49.7 billion yuan ($7 billion), the Beijing-headquartered company announced Wednesday in its quarterly financial report.

Adjusted net profit for the period was 2.3 billion yuan, up 10.6 percent year-on-year.

Revenue from the overseas markets amounted to 24.8 billion yuan, up 47.8 percent year-on-year and accounting for half of its total revenue, Xiaomi said.

Its smartphone shipments in western Europe increased by 79.3 percent year-on-year, attaining the largest market share in Spain for the first time, Xiaomi cited data from technology market research firm Canalys as saying.

Benefiting from the continued expansion in its global smartphone market share, the monthly active users of Xiaomi's Android-based smartphone operating system MIUI increased to 330.7 million, a year-on-year increase of 26.7 percent.