Is Xiaomi Continued To Expand Its Global Market? Lets Discuss Q1 Result
Xiaomi has recently announced its 2020 first-quarter result based on the performance of their product in the global market the company has calculated the Q1 result. Xiaomi, a Chinese electronics company founded in April 2010 has been continuously putting lots of energy and resources in developing new electronic products to meet the needs of the customers. The company has evolved into a Multinational company in recent years. Despite the worst economic situation caused by the global pandemic, the company has managed to survive and gain a decent profit compared to the last quarter result. The company has already declared that the results are far superior to their expectation. Recently launched 5G mobile has also gained a huge response among the gadget freaks from various regions of different parts of the countries.
The company has announced that revenue has increased up to 13.6% year-on-year which is based on the Xiaomi Group’s revenue which reached 49.7 billion yuan. It also stated that the profit increased with 10.6% year-on-year with the company adjusted net profit of 2.3 billion yuan. As many might know that the company has a huge base in the smartphone market, which yielded a huge sum of share in the entire profit margin of the company. The smartphone sector has fetched 30.3 billion yuan, a year-on-year increase of 12.3% Xiaomi’s international sales and distribution have contributed 24.8 billion yuan towards the Q1 result of the company based on the revenue of the product the company has declared that there is an increase of 47.8% year-on-year.
It’s estimated that the company has sold 29.2 million units which represent a year-on-year increase of 4.7%. Based on the information from the leading analytics company it’s said that the company has ranked 4th in the entire global market with its share profit increasing up to 11.1%. The products have managed to cover the Chinese smartphone market up to 25.9% which is higher than the market average. The dominance of the market is carried out by the newly launched 5G mobile which produced a great response in major cities of China.
IoT platform and television market have also managed to perform by standing ahead of the competition by their great specification along with their lower comparative rate. It’s estimated that the number of connected devices on the Xiaomi IoT platform reached 252 million which excludes smartphones and notebooks with an increase of 42.6%. Monthly active users for XiaoAI voice assistants have increased considerably with 54.9% which reached 70.5 million every month. Mijia app one of the most used and active android application has a huge response among the audience bases soon after the release monthly active users reached 40 million
Many might have known the fact that each company in the mobile manufacturing company is working on creating its UI platforms to provide enhanced User Interface experience. Xiaomi is a giant in the smartphone market is spending millions of dollars in upgrading its software and hardware features to meet global demands. Advanced Artificial intelligence in designing the Camera feature has greatly supported the reach of the smartphone to millions of users. Less weight and long-lasting battery backup have increased the popularity of the product. Its also expected that there might be a slight decline in the profit margin of the next quarter result due to the unavoidable circumstance caused by the deadly virus. Even though the online store was kept active throughout the lockdown, many stores in major cities have been kept closed for the past three months.