Xiaomi posts strong Q1 revenue

Smartphone giant plans to invest 10 billion yuan in 'All in AIoT' for robust growth

Chinese technology giant Xiaomi Corp said its first quarter revenue jumped 27.2 percent year-on-year to 43.8 billion yuan ($6.3 billion), fueled by the company's push for its dual-core strategy that focuses on smartphones and the internet of things powered by artificial intelligence (AIoT).

The Hong Kong-listed company posted an adjusted net profit for the first quarter of 2.1 billion yuan, having surged 22.4 percent year-on-year.