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Xiaomi Revenue Edges Higher but Profit Leaps on Cost Savings

BEIJING, Nov 20 (Reuters) - Xiaomi Corp reported a small increase in revenue for the third quarter, though smartphone shipments were flat as China's economic recovery struggled to gather momentum.

Te 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.

($1 = 7.2111 Chinese yuan)

Reporting by Yelin Mo in Beijing and Brenda Goh in Shanghai Editing by Jacqueline Wong and David Goodman

Source: Reuters

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