Xiaomi has just published its financial report for the first quarter of 2021 revealing double the net profits and an increased market share. The company managed a total revenue of CNY 76.9 billion, up 54.7% compared to the same period last year. The adjacent net profit also went up to CNY 6.1 billion, which is a whopping 163.8% increase over last year.

Although the company grew in other areas as well, smartphones remain the backbone of the company. Xiaomi shipped 49.4 million units that accounted for 51.5 billion of the revenue up 69.8% YoY. Out of these, 4 million of the phones cost CNY 3,000/€300 or more. The gross profit margin on smartphones was 12.9%.

Xiaomi Doubled its Net Profit in Q1 2021

Moving on to MIUI, the Android skin now has 425 million monthly active users (MAU) globally, up from 331 million a year ago. The number of users grew nearly by one-third. Canalys reports that Xiaomi is the third-largest smartphone brand worldwide. The company is a big deal in its local market as well, with 118.6 million monthly active users for MIUI and a 14.6% share of the smartphone market that earned it the 4th spot.

The company’s overseas revenue increased 50.6% to CNY 37.4 billion. Currently, it is the largest smartphone brand in 12 countries and is in the Top 5 in 62 countries. Apart from this, it has been leading the Indian market with a 28.3% market share and has seen continued growth in Latin America at an impressive pace of 161.7%.

As far as Xiaomi’s smart gadgets and Internet services are concerned, there are 351.1 million smart devices connected to Xiaomi’s AIoT platform excluding smartphones and laptops. Its AI Assistant has 93.0 million monthly active users while the Mi Home app reached 49.2 million monthly active users.