Xiaomi eked out its first year-on-year revenue growth in six quarters, buoyed by a stronger smartphone business as the company continues to make inroads against rivals in the premium segment amid shifting consumer preferences, reports the South China Morning Post. Xiaomi president Lu Weibing said during a media conference call on Monday that Xiaomi’s electric vehicle (EV) development was also on track with the second winter trial of its EVs to start shortly, without elaborating. Xiaomi spent RMB 1.7 billion ($237 million) on its electric vehicle business during the third quarter.
Beijing-based Xiaomi’s revenue rose 0.6% year-on-year to RMB 70.9 billion in the September quarter, reversing a trajectory of downward year-on-year revenue growth over the past six quarters, according to Xiaomi’s financial statement on Monday.
During the third quarter, the world’s third-largest smartphone maker shipped 41.8 million handset units, up 4% year-on-year. Xiaomi’s smartphone revenue accounted for 58.7% of total sales, compared with a 60.3% share a year ago.