Key points
- The revenue surge beat the 107.6 billion yuan average of 17 analyst estimates
- Adjusted net profit reached above 10 billion yuan for the first time
- It posted an adjusted net loss of 0.5 billion yuan
ISLAMABAD: China’s Xiaomi reported record-high revenue and profit in the first quarter, as the company said it is shifting its focus to the high-end market for its products.
Revenue for the quarter ended March 31 was 111.3 billion yuan ($15.48 billion), up 47.4 per cent year-on-year and beating the 107.6 billion yuan average of 17 analyst estimates compiled by LSEG, according to the Economic Times.
Adjusted net profit reached above 10 billion yuan for the first time, jumping 64.5 per cent year-on-year to 10.7 billion yuan, ahead of the average estimate of 8.96 billion yuan, according to LSEG data.
It posted an adjusted net loss related to its EV and other new initiatives of 0.5 billion yuan, Reuters reported.
Driving-assistance mode
Its new EV orders have fallen since a fatal highway crash at the end of March involving an SU7 in driving-assistance mode, analysts have said.
Its problems have been compounded by customer complaints of false advertising. Xiaomi apologised earlier this month for “not clear enough” marketing. Still, the company’s shares have rebounded since April, giving it a market value of about $170 billion, higher than the roughly $161 billion commanded by BYD, China’s biggest EV maker, LSEG data show, the British news agency reported .
Rise in shipments
Xiaomi’s first-quarter global smartphone shipments rose three per cent from a year earlier to 41.8 million handsets, ranking it third globally, with a market share of 14.1 per cent, according to its latest financial report citing data from researcher Canalys.
