Xiaomi Corp.’s quarterly profit beat estimates after the world’s third-largest smartphone maker narrowed the gap with market leaders Samsung Electronics Co. and Apple Inc. in shipments. The Beijing-based company posted an adjusted net income of 6.1 billion yuan ($949 million) in the quarter ended in March, surpassing the highest estimate of 5.3 billion yuan compiled by Bloomberg. Revenue jumped 55% to 76.9 billion yuan, also ahead of analyst estimates compiled by Bloomberg, according to a filing to the Hong Kong Stock Exchange Wednesday. It’s said to mulling over a 1.5 billion yuan joint-investment in auto driving chipmaker Black Sesame Tech as an attempt to broaden its reach in the sector. EV sales could bring 18 billion yuan in sales for Xiaomi by 2030, a “modest opportunity" given the company’s 2020 revenue was north of 245 billion yuan, according to Kanterman.

Source: Mint May 26, 2021 11:37 UTC