Key Takeaways:
Xiaomi Corp. reported first-quarter revenue of 99.1 billion yuan ($13.7 billion), edging past analyst estimates, as smartphone average selling prices hit a record and its electric vehicle business continued to scale.
"The company delivered strong operational performance across both core and new business segments," Xiaomi said in its earnings statement. Adjusted net profit of 6.1 billion yuan also topped the 5.83 billion yuan consensus forecast, while core business operating profit nearly doubled quarter-over-quarter.
Revenue from the smartphone and AIoT segment reached 79.3 billion yuan, accounting for the bulk of total sales. The smart electric vehicle and AI innovation business contributed 19.9 billion yuan, up 6.9% from a year earlier. Smartphone shipments remained among the global top three for the 23rd consecutive quarter, with average selling prices climbing 8.2% year-over-year to a record high — the eighth straight quarter of ASP gains.
The EV business, launched in 2024, has become a key growth driver as Xiaomi expands beyond consumer electronics. The segment's 6.9% revenue growth came as the company ramped production of its SU7 sedan and expanded into new markets. The results show Xiaomi sustaining margin expansion in its core handset business while funding its automotive ambitions. The sustained ASP growth signals successful premiumization in a market where Xiaomi competes with Apple Inc. and Samsung Electronics Co. for high-end share. Investors will watch for updates on EV delivery targets and margin trajectory when the company holds its earnings call, as the auto business remains a key swing factor for profitability in the second half of 2026.
This article is for informational purposes only and does not constitute investment advice.
