Xiaomi gets first-quarter sales boost as smartphone demand rebounds

The company gets most of its revenue from selling mobile handsets, but also makes money by selling online ads and other types of consumer hardware

Xiaomi Corp reported a 13.6% rise in first-quarter revenue on Wednesday, beating estimates, as the Chinese smartphone maker sold more phones and benefited from sales of its higher-priced 5G models.

The company managed to boost sales despite the impact of the coronavirus, which rattled supply chains and dampened overall smartphone demand.

"Our production in mainland China has largely resumed, and smartphone demand has rebounded quickly," the company said in its first-quarter earnings release.

Xiaomi's optimism stands in contrast to rivals Apple Inc and Samsung Electronics Co Ltd, which have both warned of a tough year ahead.

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