China’s Xiaomi posts first quarterly profit decline in three years

BEIJING: Xiaomi Corp’s quarterly profit fell for the first time in three years at the end of last year as the Chinese smartphone and electric vehicle giant navigated rising costs and intensifying competition.

Adjusted net profit for the quarter to December 31 fell to 6.3 billion yuan ($914.5 million), the first quarterly drop since 2022’s fourth quarter, a stock filing on Tuesday ‌showed, beating an average ⁠analyst ⁠estimate of 5.7 billion yuan, according to LSEG data.