Chaoyi's revenue jumps 27% in the quarter / 1 surpassing expectations

Economy and stock exchange

China's smart phone maker Chaumi announced better-than-expected quarterly revenue on Monday, partly due to steady growth in sales outside the Chinese market.

The results suggest that Chaumi's expansion outside of China and focus on markets such as India and Europe are bearing fruit as the smart phone market in China, the world's largest, is slowing.

Shaumei's revenue rose 27 percent in the March-March quarter to 43.8 billion yuan ($ 6.3 billion), beating the median estimate of 42.109 billion yuan in a survey by analysts.

Shawy earns most of her revenue from selling phones, but she also earns money from selling ads online and from selling other consumer devices – an approach she described as a "triple" business model when she was listed in Hong Kong in 2018.

The net profit for the first quarter rose to 2.1 billion yuan from 1.7 billion a year ago, according to data from Quarterpoint Market Research. China's smart phone market shrank 7 percent year-on-year in the first quarter in 2019.

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(tagsToTranslate) Shaomi Revenue (t) Chinese Chaomi (t) Smartphone (t) Chinese Market (t) Economy News