Xiaomi reports a 22% jump in Q3 revenue

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By Che Pan and Brenda Goh

BEIJING (Reuters) -China’s Xiaomi reported a 22.3% jump in third quarter revenue on Tuesday as the world’s third-largest smartphone maker doubled down on its shift into electric vehicles.

Revenue for the quarter ended September 30 was 113.1 billion yuan ($15.90 billion), below the 116.5 billion yuan average of analyst estimates compiled by LSEG. 

Adjusted net profit rose 80.9% year-on-year to 11.3 billion yuan, exceeding the average estimate of 10.3 billion yuan, according to LSEG data.

Hong Kong-listed shares in Xiaomi, which also makes smartphones and home appliances, closed down 2.81% at 41 Hong Kong dollars. The stock has risen 18.2% so far this year.

($1 = 7.1115 Chinese yuan renminbi)