The post Xiaomi posts $2.1B profit in its first quarter as a public company appeared first on BardTech . Chinese smartphone firm Xiaomi has posted a $2.1 billion profit for its first quarter of business as a public company on account of growing smartphone and hardware sales. The firm listed in Hong Kong in July in an IPO that raised $4.7 billion, but Xiaomi’s share price has steadily fallen since then. The company announced today that it grew revenue 68 percent in Q2 2018 to reach 45.2 billion RMB, or $6.6 billion. Xiaomi posted a net profit of 14.6 billion RMB ($2.1 billion), but it recorded an operating loss of 7.6 billion RMB ($1.1 billion) for the period due to significant administration costs around the listing. Costs had also weighed it down in the lead up to the IPO . Those initial results raise the firm’s shares by 1.6 percent at the time of writing. But it remains some way from the HK$21.55 peak reached last month. The bulk of Xiaomi’s revenue is ...