Xiaomi reports growth in revenue and profits in the first quarter

usiness business: Xiaomi announced its first quarter financial results on Tuesday, with the company reporting its highest ever revenue and profit. The quarter ended March 31, and revenue came in at 111.3 billion yuan ($15.48 billion), up 47.4% from a year earlier. The figure was also higher than the 107.6 billion yuan predicted by analysts.

The company’s adjusted net profit rose above 10 billion yuan for the first time, rising 64.5% year-on-year to 10.7 billion yuan.

Xiaomi’s president told a conference call that the company’s strategy of focusing on high-end products is showing positive results. Meanwhile, the company also revealed its latest electric SUV, the YU7, which will go on sale in July.