August 22, 2018 / 9:20 AM / 2 months ago

China's Xiaomi posts 68.3 pct jump in Q2 revenue on smartphone strength

Aug 22 (Reuters) - Chinese smartphone maker Xiaomi Inc reported on Wednesday a 68.3 percent rise in second-quarter revenue, helped by the strong performance of its smartphones segment.

Revenue for the three months ended June 30 rose to 45.24 billion yuan ($6.58 billion) from 26.88 billion yuan, the company said in a statement.

It posted a net profit of 14.63 billion yuan for the period compared to a net loss of 11.97 billion yuan in the year-ago period.

This is the first set of results released by Xiaomi since it raised $4.72 billion in a high-profile initial public offering in June, valuing the firm at about $54 billion, almost half of earlier industry estimates of $100 billion.

The company’s Hong Kong-listed stock is up about 5 percent since its listing on July 9. ($1 = 6.8740 Chinese yuan renminbi) (Reporting by Catherine Cadell; Additional reporting by Chandini Monnappa in Bengaluru; Editing by Muralikumar Anantharaman)

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