Investing.com -- Chinese tech giant Xiaomi (OTC: XIACF ) (1810) announced a 47.4% annual increase in revenue for the first quarter on Tuesday, as it intensifies efforts to produce electric vehicles.
The company’s revenue for the quarter ending March 31 amounted to 111.3 billion yuan ($15.48 billion), surpassing the 107.6 billion yuan average expected by 17 analysts compiled by LSEG.
In addition, Xiaomi’s adjusted net profit saw a 64.5% year-on-year surge, reaching 10.7 billion yuan.
This figure exceeded the average estimate of 8.96 billion yuan, as per LSEG data.
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