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The rise and rise of Xiaomi - TechCentral


The rise and rise of Xiaomi
Xiaomi’s quarterly profit beat estimates after the world’s third largest smartphone maker narrowed the gap with market leaders Samsung Electronics and Apple in shipments.
The Beijing-based company posted an adjusted net income of C¥6.07-billion (US$949-million) in the quarter ended March, surpassing the highest estimate of ¥5.3-billion. Revenue jumped 55% to C¥76.9-billion, according to a filing to the Hong Kong Stock Exchange Wednesday. That compared to the C¥74.7-billion average of analyst estimates.
Billionaire co-founder Lei Jun is seeking new battlegrounds for the 11-year-old company that has already expanded from smartphones to a wide spectrum of consumer electronics, including smart TVs and laptops. The entrepreneur in March unveiled a $10-billion foray into car making, embarking on its biggest-ever overhaul. ....

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