However, the company reported a 35.7-percent-drop in operating profit during the period.
Xiaomi is scheduled to release its Redmi TV X series in China on 26 May. The company's adjusted net profit for the first quarter also grew 10.6% compared to RMB 2.3 billion in the same period previous year, exceeding the Bloomberg consensus estimate of RMB 2.13 billion. Xiaomi also said that it hadn't only beaten the expectations, it had also "achieved the highest YoY growth in shipments among the top five smartphone companies worldwide".
The issue is April and May, which will show up in the next quarterly earnings report.
Overseas market revenue totaled 24.8 billion yuan, accounting for 50 percent of the total, and its smartphone shipment remains on the upswing.More news: How to opt-out of being an organ donor
Its smartphone shipments in western Europe increased by 79.3 percent year on year, attaining the largest market share in Spain for the first time, Xiaomi cited data from technology market research firm Canalys as saying.
Xiaomi topped the Spanish market with 28pc share, while also reaching top four status in Italy, France and Germany. The growth numbers in LATAM, the Middle East and Africa were even more impressive.
At £5.72 billion, Xiaomi's Q1 sales were reported significantly stronger than £5.04 billion in the same quarter a year ago. In Europe, IDC said smartphone revenues could be down 10% optimistically, but worst case scenario could see sales slashed by as much as 47%.
It says demand has recovered, with overseas sales rising too. In the third week of May, when some European nations eased lockdown, Xiaomi said activations returned to 90 per cent of the usual average level. It is not a good sign, but these are certainly extenuating circumstances.More news: India central bank pledges more easing as economy set to shrink
Xiaomi founder and CEO Lei Jun attends a product launch event in Beijing a year ago.
The saving grace for Xiaomi is diversification, however.
One business unit is leveraging the Xiaomi brand and existing customer base to drive sales in IoT and lifestyle products segment.
Xiaomi posts a 13.6% increase in its sales to £5.72 billion in the first quarter. This division is slowly becoming more prominent but most importantly, this is recurring cash, the holy grail in the digital economy.More news: Nick Cordero’s Wife Amanda Kloots Says Recovery Is Going ‘A Little Downhill’
The Chinese said on Wednesday (20) that the company's revenue increased 13.6% in the first quarter of 2020, compared to the same period previous year.