Xiaomi's Q1 revenue soars 55% to $12 bn

Chinese smartphone maker Xiaomi Corp reported first-quarter revenue growth of 55% on Wednesday, above analyst expectations, as it nabbed market share from one-time market leader Huawei Technologies Co Ltd.

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 164% to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.

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