Xiaomi published its financial results for the first quarter of 2020 and the numbers are up across the board, despite the difficult market situation.
Total revenue was up 13.6% year on year to CNY 49.7 billion, beating the estimations. Gross profit increased significantly, up 44.9%, to CNY 7.56 billion, despite the higher R&D expenses (CNY 1.9 billion, +13.4% YoY).
60% of that total revenue was generated by smartphones, which brought in CNY 30.3 billion (+12.3% YoY). The number of shipments went up to 29.2 million units, representing a small increase compared to Q1 last year. Analysts…