Chinese company Xiaomi saw its net profit decline by 43 percent in the first quarter amid pressure on its smartphone business due to rising memory chip costs.
The Chinese manufacturer of smartphones and electric vehicles revealed an adjusted net profit of 6.1 billion yuan (about $898.98 million) for the period from January to March.
According to data from the London Stock Exchange Group, analysts had predicted profits of 6.4 billion yuan.
Xiaomi said first-quarter revenue was 99.1 billion yuan, slightly below the average analyst estimate of 103.4 billion yuan.
