CORRECTED-UPDATE 1-Xiaomi reports 55% surge in Q1 revenue

(Corrects paragraph 3 to say adjusted net profit rose 164%, instead of profit for the period rose 89.4%)

SHANGHAI, May 26 (Reuters) - Chinese smartphone maker Xiaomi Corp reported first-quarter revenue growth of 55% on Wednesday, above analyst expectations, as it nabbed market share from one-time market leader Huawei Technologies Co Ltd.

Revenue rose to 76.88 billion yuan ($12 billion) in the quarter ended March 31, from 49.70 billion yuan a year earlier. Analysts expected revenue of 74.5 billion yen, according to Refinitiv data.

Adjusted net profit rose 164% to 6.1 billion yuan, versus market estimates of 3.97 billion yuan.

$1 = 6.3930 Chinese yuan renminbi Reporting by Josh Horwitz, editing by Louise Heavens