Pandemic here, coronavirus there, Xiaomi is growing unbroken

Xiaomi’s first quarter report is overwhelming in every way.

According to recent data, the company’s sales reached $ 7 billion, an increase of no less than 13,6 percent over the same period last year. Net income also rose, even by 10,6 percent to $ 325 million.

Xiaomi President and Chief Financial Officer Wang Xiang said the Coronavirus epidemic had no appreciable impact on mobile phone sales, the main reason for which was that the market was depressed anyway, so the downturn could not be too significant. Speaking about Xiaomi’s plans, he said they fully support the spread of the 5G network in China and the promotion of 5G phones.

He also reported that the company is achieving increasing success in foreign markets as well. Their market share has now reached 10 percent (11,1%) for the first time, so there is plenty of room for growth, he said. Xiaomi will continue its strategy so far because the separation of the Redmi and Mi brands has brought the necessary success. Cheaper Redmi phones remain very good value for money and the focus remains on e-commerce selling.