Beijing: Chinese tech company Xiaomi's adjusted net profit reached 10.7 billion yen ($1.49 billion) in the first quarter of 2025, up 64.5% year-on-year, according to the firm's financial statement on Tuesday.

According to Anadolu Agency, Xiaomi's revenues also increased by 47.4% year-on-year in the first quarter of 2025 to reach 111.2 billion yuan ($16.6 billion), driven by its smartphone segment. The revenue from the smartphone and smart device segment, the company's main business line, reached 94.7 billion yuan ($13.1 billion), up 22.8% on an annual basis. Xiaomi's smartphone sales reached 41.8 million units, up 3.0% year-on-year, achieving growth for seven consecutive quarters.

The company's revenue from electric vehicles, artificial intelligence, and other new initiatives totaled 18.6 billion yuan ($2.58 billion), of which 18.1 billion yuan ($2.51 billion) came from the electric vehicle segment. "In the first quarter of 2025, the loss from operations related to our smart EV, AI and other new initiatives segment was 500 million yuan ($69.4 million)," it said. Xiaomi accelerated its investments in the electric vehicle and AI segments in the last few months.

Earlier this month, CEO Lei Jun announced that the firm will invest at least 50 billion yuan (about $6.93 billion) to develop its own chips over the next decade.