Chinese electronics giant Xiaomi reported second-quarter earnings on Wednesday that beat expectations amid pressure on its share price and questions over its long-term business model.
It's the first time Xiaomi has released results as a public company after its initial public offering (IPO) in July.
Here's how the company did:
- Revenue hit 45.24 billion yuan ($6.60 billion) compared to expectations of of 39.18 billion yuan, according to analysts surveyed by Thomson Reuters. That represented 68.3 percent year-on-year rise.
- Operating profit loss of of 7.5 billion yuan.
- Net profit of 14.63 billion yuan, from a loss of 7.03 billion yuan in the first quarter of 2018.
Shares of Hong Kong-listed Xiaomi are up 4 percent since the company went public in July. The shares were higher going into the earnings report and were above the IPO price of 17 Hong Kong dollars after dipping below it and hitting a record low last week. Still shares of the Chinese technology firm are around 18 percent of the its record high close of 21.55 Hong Kong dollars on July 18.