Xiaomi reports 47% revenue growth as its launches new electric SUV

By Che Pan and Brenda Goh

BEIJING (Reuters) -China’s Xiaomi reported a 47.4% jump in first-quarter revenue on Tuesday as the company doubled down on making electric vehicles.

Revenue for the quarter ended March 31 was 111.3 billion yuan ($15.48 billion), beating the 107.6 billion yuan average of 17 analyst estimates compiled by LSEG.

Adjusted net profit jumped 64.5% year-on-year to 10.7 billion yuan, ahead of the average estimate of 8.96 billion yuan, according to LSEG data.

($1 = 7.1920 Chinese yuan renminbi)

(Reporting by Che Pan and Brenda Goh; Editing by Muralikumar Anantharaman)