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Driven by hefty sale in India, China, Xiaomi swings to net profit in Q3

Profit for the three months through September reached 2.48 billion yuan ($357.23 million), versus a $11 billion yuan loss in the same period a year earlier

Reuters 

Chinese smartphone maker Xiaomi Inc on Monday said it swung to a net profit in the third quarter, beating analyst estimates, driven by robust sales in India and Europe. Profit for the three months through September reached 2.48 billion yuan ($357.23 million), versus a $11 billion yuan loss in the same period a year earlier, the company said in a statement. The result compared with a 1.92 billion yuan average of five analyst estimates compiled by Refinitiv Eikon. The results come amid a slowdown in smartphone purchases both in China, where Xiaomi once was the top-selling ...

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First Published: Mon, November 19 2018. 16:13 IST
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