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Xiaomi posts strong profits in Q1 2019 as European expansion pays off (Latest version)

Xiaomi He has had relatively good financial results in recent times, far from his disappointing 2015 and 2016. The prosperous run continues to continue as it made significant improvements in the first quarter of the year.

The company announced Quarterly revenue of 43.8 billion yuan ($ 6.34 billion) in the first quarter of 2019, which represents a 27.2% improvement over a year ago. Meanwhile, Xiaomi reported net profit of 2.1 billion yuan (~ $ 304 million) for the quarter – up 22.4 percent from the first quarter of 2018.

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Xiaomi's results come despite a shrinking market in China, though Canalys reported that the Chinese market contracted by three percent in the first quarter of 2019. The tracking company found that the manufacturer was still in fourth place in the quarter, but had a 13 percent decline in smartphone providers. Despite the decline in shipments, Xiaomi says its Chinese market share has actually increased for three consecutive months.

Europe also made a significant difference to Xiaomi's bottom line, but only entered several European countries in 2017 and 2018. Indeed, the Chinese brand has seen a 115% increase in Western Europe. In addition, he claims it is fourth in the case of shipments in Western Europe, with reference to Canalys statistics.

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The company also repeated its four million digits Redmi Note 7 series sales, but also claims 1.5 million Mi 9 ship series of devices. Xiaomi added that it was 20.7 million monthly active Mi TV and Mi Box users (up to 55 percent year on year), and 261 million monthly active MIUI users (up to 37 percent).

These signs usually indicate a healthy 2019 for Xiaomi, especially as it builds and expands its reputation in Europe elsewhere. However, the firm's decline in China is over, as Huawei managed to reach record numbers and achieve the year-on-year growth of 41 percent during this period. What do you think of Xiaomi's prospects for the rest of the year? Let us know in the comments!

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