By Jiahui Huang


Xiaomi's first-quarter net profit and revenue beat expectations, thanks to stronger sales from its smartphone and Internet-of-Things and lifestyle product segments.

The Chinese smartphone and consumer-electronics maker on Thursday reported first-quarter net profit of 4.18 billion yuan ($577.2 million). That was roughly flat from CNY4.20 billion a year ago, but beat the CNY3.98 billion profit expected in a FactSet poll of analysts.

After adjusting for share-based compensation and other items, the company's quarterly profit reached a record high of CNY6.49 billion, doubling from a year earlier. That beat FactSet analysts' forecast of CNY5.51 billion.

The Beijing-based company's quarterly revenue rose 27% to CNY75.51 billion, beating a FactSet estimate of CNY74.27 billion.

Xiaomi's stronger-than-expected revenue came from strong sales at almost all its major businesses, especially its smartphone, Internet-of Things and lifestyle segments.

Smartphone sales rose 33% to CNY46.5 billion. The company said it shipped 40.6 million smartphone units globally in the first quarter.

Revenue from its IoT and lifestyle products, including tablets, television sets and laptops, rose 21% to CNY20.4 billion, thanks to higher sales of tablets, smart large home appliances and wearables.

Revenue from internet services rose 15% to a high of CNY8.0 billion, driven by a record number of monthly active users both in mainland China and overseas markets.

Xiaomi's gross profit margin rose to 22.3% from 19.5% a year earlier and 21.2% the previous quarter.

The company reported record-high margins for its IoT and lifestyle products segments, supported by higher gross margins on products like tablets and wearables.

The Beijing-based company said it aims to deliver over 10,000 units of its SU7 electric vehicle model in June after it was first launched in late March. Xiaomi has delivered 10,000 units of the EV model as of May 15.

The company recorded CNY2.3 billion in expenses related to its smart EV business and other new initiatives for the first quarter, roughly flat from the previous quarter.


Write to Jiahui Huang at jiahui.huang@wsj.com


(END) Dow Jones Newswires

05-23-24 0719ET