Xiaomi Posts Maiden Results
Chinese smartphone maker Xiaomi has posted a 68 percent revenue jump, along with a lift in quarterly profit in its maiden earnings report, on the back of overseas markets.
The results – its first since raising $5.4 billion in a stockmarket float – could help Xiaomi get past a muted July trading debut (CDN yesterday).
Net income came to 14.7 billion yuan (A$2.9 billion) in the three months ended June, versus a 12 billion yuan loss a year earlier. Revenue climbed to 45.2 billion yuan, but its pace decelerated from the first quarter.
The dramatic reversal in the bottom line came about because Xiaomi booked a one-time gain of 22.5 billion yuan by revaluing a swath of preferred stock in the aftermath of its IPO. Without that windfall, its operating loss came to 7.6 billion yuan.