By Liam Mo and Casey Hall
BEIJING (Reuters) – Chinese electronics maker Xiaomi posted a bigger-than-expected 27% rise in first-quarter revenue on Thursday, boosted by strong sales of handsets amid a recovery in the smartphone market.
For the first three months of this year, Xiaomi’s revenue was 75.5 billion yuan ($10.42 billion), compared with the 73.3 billion yuan estimated by analysts according to LSEG.
Adjusted net income was 6.49 billion yuan, beating the 4.94 billion yuan estimated by analysts.
The global smartphone market has shown signs of a recovery since late last year after a prolonged period of sluggishness.
Xiaomi’s global smartphone shipments rose 33% to 40.7 million units in the first quarter, helping the company capture a 14% market share and placing it in the No. 3 position, according to industry research firm Canalys.
In China, Xiaomi’s largest market for its smartphone business, shipments rose 8.6%, according to research firm Counterpoint.
($1 = 7.2437 Chinese yuan)
(Reporting by Liam Mo and Brenda Goh; Editing by Subhranshu Sahu)
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