Xiaomi reports strong Q1 net profit

Xiaomi reported revenues of RMB111.3 billion in the first quarter, a 47.4 per cent year-on-year increase. The company also saw a 64.5 per cent year-on-year rise in adjusted net profit to RMB10.7 billion, according to its latest financial results.

Smartphone revenue increased by 8.9 per cent year-on-year to RMB50.6 billion. IoT and lifestyle products revenue grew by 58.7 per cent year-on-year to RMB32.3 billion, with record-high shipments of washing machines and refrigerators.

Air-conditioner shipments increased by over 65.0 per cent year-on-year. Revenue from smart Electric Vehicles (EV), AI, and other new initiatives reached RMB18.6 billion, with Xiaomi SU7 Series vehicle deliveries totalling 75,869 units.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama