Xiaomi reports positive quarterly results

Xiaomi Corp, the world's fourth-largest smartphone maker by shipments, reported better-than-expected quarterly results, despite its highly-anticipated IPO being given the cold shoulder by retail investors and getting off to a bad start in Hong Kong.

The company, founded by serial entrepreneur Lei Jun eight years ago, posted second-quarter net profit of 2.1 billion yuan ($309.1 million) on Wednesday, in its maiden financial report unveiled on the heels of its $4.7 billion Hong Kong listing.

The quarterly numbers, beating JPMorgan Chase & Co's forecast of 1.7 billion yuan, come as Xiaomi reported a first-quarter net loss of 7 billion yuan ahead of its blockbuster IPO in June.