Xiaomi (1810) reported a record adjusted net profit of more than 10 billion yuan (HK$10.7 billion) for the first quarter, with revenue growth, driven by strong electric vehicle sales, beating estimates.
Adjusted profit grew by 65.4 percent year-on-year in the quarter to 10.7 billion yuan, far exceeding market estimates of 9.7 billion yuan. Revenue also jumped by 47.4 percent to a new high of 111.3 billion yuan, surpassing expectations of 109 billion yuan.
Revenue of its smartphone × AIoT segment soared by 22.8 percent to 92.7 billion yuan, with gross profit margin inching up by 0.5 percentage points to 22.8 percent. Smartphone revenue advanced by 8.9 percent to 50.6 billion yuan.
The Chinese smartphone maker shipped 41.8 million units of phones in the quarter, up by 3 percent, with the average selling price also growing by 5.8 percent to a record 1,211 yuan.
Sales of its smart EV, artificial intelligence, and other new initiatives segment reached 18.6 billion yuan in the three months ended March, including 18.1 billion yuan from the electric vehicle business.
The company delivered 75,869 units of its Xiaomi SU7 Series vehicles in the first quarter, bringing total delivery over 258,000 vehicles.
Xiaomi’s IoT and lifestyle products hit record highs in both revenue and gross profit margin during the period, with sales growing 58.7 percent to 32.3 billion yuan and the margin rising 5.4 percentage points to 25.2 percent.
STAFF REPORTER
