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(Bloomberg) -- Xiaomi Corp. reported better-than-expected profit after cost-cutting efforts and a focus on more expensive mobile devices helped buoy margins and offset a moribund smartphone market.Most Read from BloombergCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesPutin Agrees to Visit China in First Trip Since Arrest WarrantWhat to Do With a 45-Story Skyscraper and No TenantsStocks Up Most Since June as Fed Bets Sink Yields: Markets WrapCrypto Scores Landmark US Legal Win Wi

Xiaomi reported better-than-expected profit in the smartphone market as cost-cutting efforts and focus on more expensive devices paid off.

Xiaomi is working through a glut of smartphone supply and cutting spending, but also has plans to expand in markets including Latin America and Europe.

Recent developments in the company's home country and an analyst's price target bump fueled the rally.

Xiaomi Corporation (OTCPK:XIACF) Q1 2022 Earnings Conference Call May 19, 2022 7:30 AM ET Company Participants Anita Chan - Head of Investor Relations Wang Xiang - President & Partner...