Xiaomi (HK:1810) has released an update.
Xiaomi Corporation reported a robust first quarter in 2024, with a 27.0% increase in revenue to RMB 75.5 billion and an impressive 100.8% surge in adjusted net profit to RMB 6.5 billion despite expanding into the smart electric vehicle market. The company maintained its global smartphone market share at 13.8%, ranking third for 15 consecutive quarters, and launched the Xiaomi SU7 Series EV to considerable interest with 10,000 units delivered by mid-May. Xiaomi’s commitment to research and development is evident with a 25.4% increase in R&D spending and the employment of 17,421 R&D personnel, reinforcing its strategy to become a leader in advanced technologies.
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