Xiaomi Q3 profit jumps 129pc, EV business turns profitable for first time

Xiaomi's (1810) third-quarter net profit surged 129 percent year-on-year to over 12.27 billion yuan (HK$13.44 billion), as its electric vehicle business reported first-ever quarterly operating profit.

For the quarter ended September, the Chinese maker of smartphones, EVs and home appliances saw its revenue rise 22.3 percent to 113.1 billion yuan, below the 116.5 billion yuan average of analyst estimates compiled by LSEG.

In the quarter, Xiaomi’s smart EV, AI and other new initiatives segment achieved positive income from operations in a single quarter for the first time, of 700 million yuan.

Adjusted net profit rose 80.9 percent year-on-year to 11.3 billion yuan, exceeding the average estimate of 10.3 billion yuan, according to LSEG data.

Fo the first nine months of this year, the company reported a 140 percent growth in net profit to more than 35 billion yuan and 32.5 percent growth in revenue to 340.4 billion yuan.

Xiaomi’s Hong Kong-listed shares closed down 2.81 percent yesterday. The stock has risen 18.2 percent so far this year.