Quarterly earnings and revenue of Xiaomi exceeded forecasts

Chinese electronics manufacturer Xiaomi Corporation following the results of the second quarter of 2018 recorded a net profit of 14 billion 630 million yuan against a loss of 11 billion 970 million yuan for the same quarter last year. The company's revenue increased in annual terms by 68% to 45 billion 240 million yuan. Analysts had expected the figure at 39 billion 180 million yuan. The smartphone production unit increased quarterly revenue to 30.5 billion yuan from 19 billion 220 million yuan a year earlier. Shares of Xiaomi during trading in Hong Kong on Wednesday went up by 1.6%.

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