Advertisement
Xiaomi posts better-than-expected quarterly sales on growing smartphone shipments, as EV target remains on track
- Revenue rose 27 per cent to 75.5 billion yuan during the first quarter, with smartphone sales jumping 33 per cent
- The company expects to reach its goal of delivering 100,000 SU7 cars this year
Reading Time:2 minutes
Why you can trust SCMP
Che Panin Beijing
Chinese smartphone and electric vehicle (EV) maker Xiaomi grew its first-quarter revenue by a better-than-expected 27 per cent year on year, as handset shipments recovered globally.
Sales reached 75.5 billion yuan (US$10.5 billion) during the quarter ended March 31, beating the consensus analysts’ forecast of 73.5 billion compiled by Bloomberg. The world’s best-selling Chinese smartphone brand saw handset sales, which made up nearly 62 per cent of its total revenue, jump 33 per cent to 46.5 billion yuan.
Total profits dropped slightly by 1 per cent to 4.1 billion yuan.
Advertisement
Xiaomi’s shares closed at HK$18.94 on Thursday ahead of the earnings announcement, down more than 2.5 per cent.
The Beijing-based company, which in March debuted its first sedan, the SU7, said it received orders for 88,063 vehicles as of the end of April, and delivered 10,000 cars as of May 15. During the first quarter, Xiaomi spent 2.3 billion yuan on its EV business and other new initiatives, it said.
Advertisement
The company is on track to reach its goal of delivering 100,000 SU7 cars this year, as it accelerates moves to build 200 EV stores in 50 cities across China by the end of 2024, company president Lu Weibing said on a post-earnings conference call.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x