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Wireless

Xiaomi posts quarterly loss of USD 1 billion

Monday 11 June 2018 | 08:52 CET | News
Chinese smartphone maker Xiaomi has announced it has lost more than USD 1 billion in the first three months of 2018. Xiaomi reported a CNY 7 billion (approximately USD 1.1 billion) net loss on revenue of CNY 34.4 billion in the first quarter of this year. The company prepares to attract investors to buy into the largest initial public offering since 2014, Bloomberg reports. Xiaomi is reportedly seeking about USD 10 billion in its planned IPO. Xiaomi plans to use around 40 percent of the proceeds to expand its global footprint.

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Categories: Mobile & Wireless
Companies: Xiaomi
Countries: China / World
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