Revenue rose to 76.88 billion yuan ($12 billion) in the
quarter ended March 31, from 49.70 billion yuan a year earlier. Analysts
expected revenue of 74.5 billion yen, according to Refinitiv data.
Adjusted net profit rose to 6.1 billion yuan, versus market
estimates of 3.97 billion yuan.
Xiaomi's share of the smartphone market in China increased
75% year-on-year in the quarter ended late March, according to research firm
Canalys, as Huawei retreated from the market following U.S. trade restrictions
that crimped its ability to source key components for its handsets.
Revenue from smartphone sales jumped 69.8% year-over-year to
51.5 billion yuan, while revenue from internet services increased 11.4% to 6.6
billion yuan.
Despite the revenue growth, Xiaomi and other electronics
brands remain hampered by the global chip shortage.
A number of causes such as stockpiling, surging demand for
personal computers during COVID-19, and mishaps at factories caused a range of
hardware makers to scramble for semiconductors late last year.
Still, on a call with investors, Xiaomi CFO Alain Lam said
the company's chip inventories remained at "healthy" levels and he
did not expect a major impact on business this year, though the broader
shortage may not end until mid-way through 2022.
Executives also added the company intends to double the
number of offline retail stores it has in China, from roughly 5,000 at present
to over 10,000.
In India, meanwhile, one of its key overseas markets, the
company will invest more in online sales as the government imposes strict
lockdowns due to a surge in COVID-19 cases.
This quarter, Xiaomi also announced it would formally begin
producing electric cars, with a new division to be led by Xiaomi founder Lei
Jun.
The U.S. government also removed the company from a
blacklist that would have barred U.S.-based investors from owning shares in the
company, reversing one of former U.S. President Donald Trump's last maneuvers
against China's tech sector before he left office.
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