(MENAFN- Asia Times) Chinese smartphone maker Xiaomi saw its revenue increase by 27.2% year on year in the first quarter to 43.8 billion yuan (US$6.4 billion), according to a filing to the Hong Kong stock exchange.
The adjusted profit rose 22.4% year on year to 2.1 billion yuan during the period. Its core smartphone business recorded revenue of 27 billion yuan, up 16.2% from a year ago. Income from IoT and consumer products climbed 56.5% to 12 billion yuan, it said.
Xiaomi sold 27.9 million smartphones in the first quarter. Its smartphone sales volume ranked the fourth globally in the first quarter, according to survey company Canalys.
The average sales price rose by 30% and 12%, respectively, in domestic and global markets, which is being attributed to optimizing product portfolio structure and newly launched products.
In addition, the company said its Internet-of-Things platform has connected more than 171 million devices, excluding smartphones and laptops, up 70% year on year.
Xiaomi also reported a 247% increase in monthly active users to 45.5 million as of the end of March.
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