HONG KONG -- Chinese budget phone maker Xiaomi is going upscale with the launch of high-end models as it accelerates expansion into Western Europe.
Announcing its earnings for the first time as a public company, Xiaomi on Wednesday posted a net profit of 14.91 billion yuan ($2.18 billion) in the April-June quarter, compared with a loss of 11.34 billion yuan a year earlier. This was largely due to a one-off valuation gain related to its $4.7 billion initial public offering in Hong Kong in July.
