Xiaomi posts first revenue growth in 6 quarters buoyed by smartphone sales uptick

Xiaomi has seen its first increase in revenue in six quarters, thanks to a boost in smartphone sales. The company is gaining ground in the high-end phone market as people's tastes in phones change. Xiaomi's president, Lu Weibing, mentioned that their electric vehicle project is moving forward, with more tests planned in the cold weather. They've invested a significant amount of money into this new venture. nnXiaomi's financial report showed a slight increase in revenue to 70. 9 billion yuan for the September quarter. They shipped 41. 8 million smartphones, which is 4% more than the same time last year. Although smartphones are still the main source of Xiaomi's income, the percentage has decreased slightly from last year. After a period of losses, Xiaomi is back in the black, with a net income of 4. 9 billion yuan. Despite a decrease in overall phone shipments in China, Xiaomi outperformed Apple in sales. nnLooking ahead, Lu is optimistic about the global smartphone market's prospects, expecting a rebound in sales. Xiaomi's new operating system, Xiaomi HyperOS, focuses on artificial intelligence to improve phone features. The Xiaomi 14 series has been successful, particularly during China's Singles' Day sales event. However, it still represents a small fraction of Xiaomi's total sales. Xiaomi is set to challenge other tech giants like Samsung as it plans to release the 14 series globally. The company is also keen on investing more in AI technology, following the trend set by other Chinese smartphone manufacturers like Oppo and Vivo.