Xiaomi Corp. defied market expectations in the June quarter, posting a 30.5% jump in revenue to 116 billion yuan ($16.2 billion) and nearly doubling net income to 11.9 billion yuan. Analysts surveyed by LSEG had looked for 114.7 billion yuan in sales and 8.9 billion yuan in profit. Adjusted net profit climbed 75% to 10.8 billion yuan, while operating profit surged 128% to 13.4 billion yuan as operating expenses came in well below forecasts. Stronger smartphone demand in Southeast Asia and Europe kept the company atop global shipment rankings, lifting total handset deliveries 0.6% to 42.4 million units. Even so, weaker pricing dragged smartphone revenue down 2.1% to 45.5 billion yuan, and President Lu Weibing trimmed Xiaomi’s 2025 shipment goal to 175 million phones, citing an industry that is likely to show “little to no growth” this year. The earnings beat was driven in large part by the company’s fast-growing electric-vehicle business. Revenue from smart EVs and other new initiatives more than tripled to 21.3 billion yuan as second-quarter vehicle deliveries reached 81,302 units following the late-June debut of the YU7 sport-utility vehicle. The segment still recorded a 300 million yuan operating loss, but management said it expects the division to reach break-even on a monthly or quarterly basis in the second half after investing more than 30 billion yuan in research and development. Xiaomi shares slipped 1.2% in Hong Kong after the results, but remain up 52% year-to-date on optimism that the group’s multibillion-dollar push into autos and artificial-intelligence devices can offset a maturing smartphone market.