Xiaomi revenue surges, fills gap left by Huawei

Xiaomi is filling the gap left by Huawei.

Revenues at the Chinese phonemaker leapt 55% to $12 billion in the first quarter.

That was better than already robust analyst forecasts.

Xiaomi's share of the smartphone market in China surged by 75% on the year.

That comes as Huawei retreated from the market under pressure from U.S. sanctions.

It's barred from accessing key technologies of U.S. origin, hampering its new product development.

Xiaomi, by contrast, has been removed from a U.S. blacklist.

But one cloud still hangs over the firm.

Like many manufacturers of all kinds, it's battling the global shortage of chips.

Semiconductor supplies have been hit by surging demand, factory problems and other factors.

For now Xiaomi says its chip stocks remain at 'healthy' levels, but it warned that the global shortage could persist into mid-2022.

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