Xiaomi posts $2.1B profit in its first quarter as a public company

techlitic 256401 - Xiaomi posts $2.1B profit in its first quarter as a public company

Chinese smartphone producer Xiaomi?s $2.1 billion in profit from the first quarter after its Hong Kong IPO makes up for some of the ground the company’s stock has lost, but doesn?t return Xiaomi to its peak value. Xiaomi?s core competency is smartphone sales, and its sales figure rose to about 33 million sold during the quarter. Xiaomi also relies on sales of other devices and hardware like smart TVs, as well as offering its own internet service. While largely a China-focused company, it has also been focusing on Indian, European and Southeast Asian markets.

Key Takeaways:

  • Going public, for any company, is an absolute dream come true in many ways.
  • When a company releases positive earnings results, their stock price goes up a lot.
  • So many companies are trying to remain relevant through innovative techniques and ideas.

“Those initial results raise the firm?s shares by 1.6 percent at the time of writing. But it remains some way from the HK$21.55 peak reached last month.”

Read more: https://techcrunch.com/2018/08/22/xiaomi-first-quarter/

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