Smart TVs add fuel to Xiaomi's Q1 earnings

Rita Liao
Smart TVs add fuel to Xiaomi's Q1 earnings

Chinese smartphone company Xiaomi just released its first quarterly results since announcing its $1.48 billion pledge to focus on smartphones and 'AIoT', an acronym for Internet of Things powered by artificial intelligence. Xiaomi's adjusted net profit for the first quarter increased 22.4 percent year-over-year to 2.1 billion yuan ($300 million), while total revenue climbed 27.2 percent to 43.8 billion yuan ($6.33 billion). Sales in India, where Xiaomi handsets dominate, as well as other countries outside China, continued to be a bright spot for the company.