Xiaomi reports 81% jump in third-quarter profit on strong EV sales
China’s Xiaomi reported a 80.9% jump in third-quarter profit on Tuesday as the world’s third-largest smartphone maker doubled down on its shift into electric vehicles.
Adjusted net profit reached 11.3 billion yuan ($1.59 billion), exceeding the average estimate of 10.3 billion yuan, according to LSEG data.
The company said in a stock filing that the growth was driven by EV, AI and other new initiatives, achieving positive income from operations in a single quarter for the first time.
