Xiaomi revenue edges higher but profit leaps on cost savings (updated)

Baic Motor

20/11/2023 10:23

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       BEIJING, Nov 20 (Reuters) - Xiaomi Corp  1810.HK 
reported a small increase in revenue for the third quarter,
though smartphone shipments were flat as China's economic
recovery struggled to gather momentum.
    Te smartphone maker's sales totalled 70.9 billion yuan
($9.83 billion), beating an average estimate of 70.2 billion
yuan from 13 analysts polled by LSEG.  
    Net income jumped by 183% from a year earlier to 6 billion
yuan thanks to lower component costs and operating efficiencies
across the business. That compared with a consensus estimate of
4.6 billion yuan.

($1 = 7.2111 Chinese yuan)

 (Reporting by Yelin Mo in Beijing and Brenda Goh in Shanghai
Editing by Jacqueline Wong and David Goodman
)
 ((yelin.mo@thomsonreuters.com;))