Xiaomi revenue edges higher but profit leaps on cost savings

BEIJING (Reuters): Xiaomi Corp (1810.HK) reported a small increase in revenue for the third quarter, though smartphone shipments were flat as China’s economic recovery struggled to gather momentum.

The smartphone maker’s sales totalled 70.9 billion yuan ($9.83 billion), beating an average estimate of 70.2 billion yuan from 13 analysts polled by LSEG.

Net income jumped by 183% from a year earlier to 6 billion yuan thanks to lower component costs and operating efficiencies across the business. That compared with a consensus estimate of 4.6 billion yuan.