HONG KONG—Chinese smartphone and gadget maker Xiaomi Corp. lost money in the first three months of the year, the company revealed in new filings ahead of its coming stock listing that is expected to value the company at about $70 billion.
Xiaomi said it lost 7 billion yuan ($1.1 billion) in the first quarter, on revenue of 34.4 billion yuan, due to one-off accounting charges. Excluding those charges, the company reported a profit of 1.7 billion yuan, boosted by an 88% rise in smartphone sales during the quarter.
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