China's smart phone company Chaoyi reported better-than-expected quarterly earnings on Monday, partly as a result of steady growth in sales outside its domestic market.
The results suggest that Chaoomi's overseas expansion 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 to March quarter to 43.8 billion yuan ($ 6.3 billion), beating the median estimate of 42.109 billion yuan in a poll of analysts.
Sheumi earns most of her revenue by selling mobile phones, but she also earns money from online advertising and other types of consumer devices. Income in the first quarter rose to 2.1 billion yuan, up from 1.7 billion last year.
According to market research firm Counterpoint Research, the total smartphone market in China fell 7% year-on-year in the first quarter of 2019. The same study showed that the share of Chaomi from the local smart phone market shrank by 21% The same period, while rival companies: Obo, Vivo, and Huawei, made strong gains.
Shaomi tried to offset the slowdown at home by expanding outward vigorously. The company continues to be the number one handset retailer in India and has grown steadily in Europe following the launch of its phones across the continent in 2018.
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