27-05-2025
Xiaomi rides high with record Q1 and new electric SUV to rival Tesla
China's Xiaomi on Tuesday reported record first-quarter revenue and profit, as the company said its ongoing shift towards higher-end products from smartphones to home appliances was already paying off.
Revenue for the quarter ended March 31 was 111.3-billion yuan (R276.60bn), up 47% year-on-year and beating the 107.6-billion yuan (R266.87bn) average of 17 analyst estimates compiled by LSEG.
Adjusted net profit rose above 10-billion yuan (R24.80bn) for the first time, jumping 65% year-on-year to 10.7-billion yuan (R26.54bn), ahead of the average estimate of 8.96-billion yuan (R22.22bn), according to LSEG data.
Xiaomi president Lu Weibing told a conference call with reporters that Xiaomi's strategy to focus on high-end products had yielded positive results.
The world's third-largest smartphone maker, whose product lines also extend to cars, announced its latest electric SUV, the YU7, last week, which it will start selling in July. Lu said feedback on the YU7 indicated it could have a broader target market than its previous model, the SU7.
