The first quarter for 2020 has passed and likewise, financial reports from tech giants are coming in, though some slower than others. Despite having a difficult market situation, Xiaomi has published solid numbers for Q1 2020 and predicts even better results for the future.

Surpassing all estimations, Xiaomi’s revenue was up by 13.6% compared to last year with CNY 49.7 billion. The gross profit margin also saw a significant boost (44.9% increase), to CNY 7.56 billion, despite the increased research and development expenses this year.

Smartphones generated CNY 30.3 billion in revenue, which made up 60% of the total amount. The company’s global smartphone shipments rose to 29.2 million units, which was only a small increase compared to last year’s first quarter. Xiaomi now holds the 4th spot amongst the top 5 smartphone makers with a market share of 11.11%.

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Xiaomi says that its dual-brand strategy has been a great success with both of its main smartphone brands (Xiaomi and Redmi) producing significant returns. The flagship Mi 10 and Mi 10 Pro duo was sold over 1 million times in the first quarter whereas the mid-range star, the Redmi Note 8 Pro was one of its best selling phones in Q1.

As for 5G phones, the report indicates that Xiaomi achieved a market penetration rate of 25.9% in China. Overall, the average selling price increased by 7.2% year on year, which shows that the Xiaomi’s Smartphones were received well.

Xiaomi’s IoT products, gadgets, and lifestyle products also performed well. The department generated CNY 13.0 billion in revenue, which was an increase of 7.8% compared to last year. Xiaomi now has the biggest IoT platform in the world with over 252 million devices online (excluding smartphones and laptops).

This was also the first time that half of the company’s revenue came from the international market. Europe was the biggest contributor with markets including Africa, Middle East, Latin America, and others showing a significant increase in demand.

As the lockdowns and quarantines are eased in China, Europe, and other regions, Xiaomi is forecasting much better results for the future.