Caixin
Nov 19, 2018 07:51 PM
BUSINESS & TECH

Top Tech: Xiaomi Stays in the Black

Chinese smartphone-maker Xiaomi Corp. reported Monday that its third-quarter profit reached 2.49 billion yuan ($358.9 million), after losing about four times that amount in the same quarter a year earlier, while revenue grew 49% to 50.8 billion yuan.

Its profit was down from 14.6 billion yuan in the second quarter.

Revenue from its key smartphone business contributed nearly 70%, approaching 35 billion yuan, up by 36.1% in the third quarter.

The brand, which until recently was primarily a manufacturer of more-affordable handsets, has strengthened its presence in the mid- to high-end segment of the smartphone market. It has also been expanding into Europe and other parts of Asia.

Shares of Hong Kong-listed Xiaomi closed up 5.1% to HK$13.6 ($1.74) on Monday before the financial results were released. The stock has traded below its initial public offering price of HK$17 since late August.

The following is an updated table of Chinese technology company earnings between July and September, starting with the most recent to report.

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Contact reporter Coco Feng (renkefeng@caixin.com)
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