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Xiaomi logs $1 billion first-quarter loss but record overseas revenue ahead of IPO

Reuters  |  HONG KONG 

By Sijia JiangHONG KONG (Reuters) - Chinese smartphone maker Xiaomi booked a quarterly net loss of $1.1 billion, but also record overseas revenue and surging smartphone shipments ahead of its blockbuster initial public offering next month.Expectations of a highly sought after IPO have grown after Xiaomi, founded only eight years ago, blew past its 100 billion yuan ($15.6 billion) sales target for 2017 with a couple of months to spare. The Hong Kong IPO is expected to raise $10 billion and value Xiaomi at between $70 billion and $100 billion, sources have said. Stoking expectations, up to 30 ...

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First Published: Mon, June 11 2018. 14:17 IST
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