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Xiaomi Q1 net profit surged 260% on year driven by strong smartphone shipments worldwide

Xiaomi Corp’s first-quarter net profit grew 260.6 per cent to beat estimates on the back of increased sales worldwide, as the US lifted a Trump-era securities ban on the Chinese smartphone giant.

The world’s third-largest smartphone vendor in the first quarter, reported on Wednesday a better-than-expected net profit of 7.8 billion yuan ($1.2 billion) in the three months ended March 31, up from 2.15 billion yuan . . .

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