Xiaomi's First-Quarter Profit, Revenue Beat Expectations

By Jiahui Huang

Xiaomi's first-quarter net profit and revenue beat expectations, thanks to stronger sales from its smartphone and Internet-of-Things and lifestyle product segments.

The Chinese smartphone and consumer-electronics maker on Thursday reported first-quarter net profit of 4.18 billion yuan ($577.2 million). That was roughly flat from CNY4.20 billion a year ago but beat the CNY3.98 billion profit expected in a FactSet poll of analysts.

After adjusting for share-based compensation and other items, the company's quarterly profit came to CNY6.49 billion, doubling from a year earlier.

The Beijing-based company's quarterly revenue rose 27% to CNY75.51 billion, beating a FactSet estimate of CNY74.27 billion.

Revenue from its smartphone business rose 33% to CNY46.5 billion, while revenue from its IoT and lifestyle product segment, which includes tablets, television sets and laptops, rose 21% to CNY20.4 billion.

Revenue from its internet services business rose 15% to a record CNY8.0 billion.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

05-23-24 0615ET