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Investing.com -- Chinese technology giant Xiaomi (OTC:XIACF) has reported a significant annual increase of 47.4% in its first-quarter revenue, according to data released on Tuesday. This upsurge comes as the company intensifies its focus on the production of electric vehicles.
The revenue for the quarter ending on March 31 amounted to 111.3 billion yuan ($15.48 billion). This figure surpassed the average estimate of 107.6 billion yuan compiled from 17 analyst predictions by LSEG.
Xiaomi’s adjusted net profit also saw a substantial rise, with a year-on-year increase of 64.5% to 10.7 billion yuan. This figure exceeds the average LSEG estimate of 8.96 billion yuan.
Xiaomi, recognized as the world’s third-largest smartphone manufacturer, has a diverse product portfolio that includes home appliances and cars. Last week, the company announced its latest electric SUV, the YU7, which is set to go on sale in July.
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