Xiaomi Reports 27% Q1 Revenue Rise to $10.4 Billion on Strong Smartphone Sales

May 23, 2024, 10:20 AM

Chinese electronics maker Xiaomi reported a 27% rise in first-quarter revenue on Thursday, reaching approximately $10.4 billion, surpassing the estimated $10.3 billion. The surge was driven by strong smartphone sales amid a global recovery. Despite the revenue increase, Xiaomi's net profit saw a slight decline of 1% year-over-year to around $588 million, although this was still above the estimated $572 million. The company's adjusted net profit more than doubled to CNY6.5 billion (USD899 million). Additionally, Xiaomi's smartphone shipments increased by 34% year-over-year. The company also announced plans for its EV division to start double-shift production in June.