Xiaomi posts 27.2% YoY increase in revenue in Q1 2019, smartphone revenue up 16.2% YoY

Xiaomi has reported its earning for the first quarter (Q1 2019) that ended March 31, 2019. It has reported revenue of 43.8 billion yuan (US$ 6.33 billion) for Q1 2019, an increase of 27.2% YoY, among which international revenue grew 34.7% year-on-year to 16.8 billion yuan. Net profit for the quarter was approximately 3.2 billion yuan. Adjusted net profit (Non-IFRS Measure) was 2.1 billion yuan, up 22.4% YoY and 12.3% QoQ. Smartphones segment posted 27 billion yuan, up 16.2% year over year. Smartphone shipments reached 27.9 million units, almost same as previous year.  Redmi Note 7 series shipments exceeded 4 million units and the Mi 9 series smartphones surpassed 1.5 million unit shipments. Xiaomi’s revenue from international markets grew 34.7% year-on-year to RMB16.8 billion. Revenue from IoT and lifestyle products segment rose by 56.5% to RMB12.0 billion Global shipments of the smart TVs reached 2.6 million units, representing a year-on-year growth of 99.8%. Number of connected IoT devices (excluding smartphones and laptops) on Xiaomi’s IoT platform reached approximately 171 million units, a quarter-over-quarter increase of 13.7% and a year-on-year increase of 70.0%.  Revenue from internet services segment grew 31.8% year-on-year to RMB4.3 billion in the first quarter of 2019. Advertising revenue ...