Chinese smartphone maker Xiaomi Inc said on Monday it swung to a net profit in the third quarter, beating analyst estimates, driven by robust sales in India and Europe. Profit for the three months through September reached 2.48 billion yuan (USD357.23 million), versus an 11 billion yuan loss in the same period a year earlier.
Xiaomi said operating profit sank 38.4% in the third quarter and revenue rose 49.1 %. The mixed results come amid a slowdown in smartphone purchases both in China, where Xiaomi once was the top-selling handset brand, and overseas. Xiaomi’s fastest-growing markets are India, where it has had success with its budget Redmi phone series, and Europe, where it entered in 2017 with launches in Russia and Spain.