People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. The company's sales for the period totalled 70.9 billion yuan ($9.83 billion), beating an average estimate of 70.2 billion yuan from 13 analysts polled by LSEG. Net income jumped by 183% from a year earlier to 6 billion yuan thanks to lower component costs and efficiencies across the business, compared to a consensus estimate of 4.6 billion yuan. Xiaomi, China's fifth-largest smartphone brand, shipped 9.1 million devices in China during the latest quarter, according to industry research firm Canalys. Though that was little changed from a year earlier, Xiaomi outperformed peers, with overall industry sales dropping 5% year on year, according to Canalys.

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Persons: Nacho, Lu Weibing, Xiaomi, Xiaomi's Lu, Yelin, Brenda Goh, Jacqueline Wong, David Goodman, Jan Harvey Organizations: REUTERS, Rights, Xiaomi Corp, HK, LSEG, BAIC, Thomson Locations: Barcelona, Spain, Rights BEIJING, China, Beijing, Yelin Mo, Shanghai