Xiaomi Corp’s first-quarter net profit grew 260.6 per cent to beat estimates on the back of increased sales worldwide, as the US lifted a Trump-era securities ban on the Chinese smartphone giant.
Beyond its strong earnings results last quarter, the company reiterated its concerns about the ongoing global chip shortage. “The increase in semiconductor prices is a challenge for all manufacturers,” Xiaomi president Wang Xiang said in a conference call on Wednesday after the market closed.
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