Hold the phone

22 August 2018 By Robyn Mak Follow @mak_robyn

After a bumpy IPO, the newly listed handset maker delivered better-than-expected maiden results, with quarterly sales up 68 pct to $6.6 bln. Smartphones and gadgets did well at home and abroad. If that growth continues, investors may cut Xiaomi some slack on internet services.

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In its first results since going public in July, Chinese smartphone maker Xiaomi on Aug. 22 reported second-quarter revenue of 45.2 billion yuan ($6.6 billion), an increase of 68 percent from the same period last year.

Adjusted earnings, excluding share-based compensation and other one-off gains, rose 25 percent to 2.1 billion yuan in the three months ended June 30.

China's smartphone market contracted in the second quarter of 2018, with shipments falling 6 percent from a year earlier to 105 million, according to data tracker IDC.

Shares of Hong Kong-listed Xiaomi closed up 1.6 percent to HK$17.68 on Aug. 22 ahead of its earnings announcement.

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