By Martin Mou

Xiaomi Corp. expects its performance in the second quarter to suffer from coronavirus lockdowns in overseas markets, as it reported lower first-quarter net profit mainly due to higher costs.

The Chinese smartphone maker said Wednesday that its net profit for the first three months declined to 2.16 billion yuan ($304.3 million) from CNY3.13 billion a year earlier, largely as higher costs offset a 14% increase in revenue to CNY49.70 billion.

While smartphone shipments in mainland China have returned to pre-pandemic levels since March, the company is anticipating headwinds in its overseas markets. It said strict lockdown measures in India imposed in late March have significantly affected its sales there.

Xiaomi said it shipped 29.2 million units of smartphones in the first quarter of 2020, an increase of 4.7% from a year earlier. 



  Write to Martin Mou at martin.mou@wsj.com