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China's Xiaomi books $1 bln quarterly loss ahead of blockbuster IPO

Reuters  |  HONG KONG 

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi booked a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering.That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus.When one-off items are excluded, Xiaomi said it made a net profit of 1.04 billion yuan in the first quarter, compared with 3.9 billion yuan for the whole of 2017. Its smartphone shipments jumped 88 percent thanks to strong growth overseas, helping Xiaomi's revenue rise to 34 billion yuan ($5.3 billion) for the period. ...

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First Published: Mon, June 11 2018. 11:52 IST
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