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Xiaomi quarterly profit slumps despite annual EV gains

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Xiaomi, one of the world's largest smartphone makers, has expanded rapidly since its launch in 2011 to produce home appliances and electric vehicles

Xiaomi, one of the world's largest smartphone makers, has expanded rapidly since its launch in 2011 to produce home appliances and electric vehicles

Chinese electronics giant Xiaomi announced a dip in quarterly profit on Tuesday after slower smartphone sales, while electric vehicles drove a modest surge in annual revenue.

The Beijing-based firm, one of the world's largest smartphone makers, has expanded rapidly since its launch in 2011 to produce home appliances and electric vehicles and is now eyeing the artificial intelligence market.

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Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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