China’s Xiaomi eyes overseas growth as costs, domestic competition weigh

BEIJING: China’s Xiaomi Corp posted a 43% slump in first-quarter net profit on Tuesday and said it would push deeper into overseas markets as higher memory and other component costs and domestic competition squeezed its smartphone business.

The Chinese ‌smartphone and electric-vehicle ⁠maker reported 6.1 ⁠billion yuan ($899 million) adjusted net profit for the January-March period.

That compared with the average analyst estimate of 6.4 billion yuan, according to LSEG data.