China’s Xiaomi reported a 80.9 per cent jump in third-quarter profit on Tuesday as the world’s third-largest smartphone maker doubled down on its shift into electric vehicles.
Adjusted net profit reached 11.3 billion yuan ($1.59 billion), exceeding the average estimate of 10.3 billion yuan, according to LSEG data.
The company said in a stock filing that the growth was driven by EV, AI and other new initiatives, achieving positive income from operations in a single quarter for the first time.
Revenue for the quarter ended September rose 22.3 per cent to 113.1 billion yuan ($15.90 billion), below the 116.5 billion yuan average of analyst estimates compiled by LSEG.
Hong Kong-listed shares in Xiaomi, which also makes smartphones and home appliances, closed down 2.81 per cent at 41 Hong Kong dollars. The stock has risen 18.2 per cent so far this year.
Xiaomi’s EV business generated 28.3 billion yuan in revenue in the September quarter, up from 20.6 billion yuan in the second quarter and 18.1 billion yuan in the first.>
