Record-high revenue from Xiaomi’s Internet-of-Things business and robust EV sales offset slightly lower smartphone revenue.

Xiaomi Corp. reported quarterly revenue of 116 billion yuan, up 31% year-on-year and slightly above analyst expectations, as booming demand for its recently launched YU7 SUV helped offset softer smartphone sales and lifted net income to 11.

Net profit rose 75.4 per cent year on year to reach a record high of US$1.5 billion, exceeding the forecast by analysts.