Xiaomi Corp (XIACY  ) reported a 27% increase in revenue for the March quarter to RMB75.51 billion.

The gross profit for the quarter climbed 45.2% to RMB16.82 billion, while the operating profit declined 37.6% to RMB3.7 billion.

In the first quarter of 2024, the company's global smartphone shipments reached 40.6 million units, up 33.7% year-over-year.

Global monthly active users (MAU) reached 658.1 million in March and the number of connected IoT devices on Xiaomi's AIoT platform (excluding smartphones, tablets and laptops) increased to 786.1 million, up 27.2% year-over-year.

The company aims to deliver 120,000 of its SU7 electric vehicles this year, raising its target for a model that aspires to compete with its peers, reported Bloomberg. The company unveiled the SU7 in late March and initially projected over 100,000 deliveries.

By the end of April, orders for the SU7 series approached 90,000. The report further noted the company plans to ship 10,000 SU7s in June, matching the sales of the first 43 days, potentially achieving an annual goal of 120,000 units.

While more than 60% of Xiaomi's revenue comes from smartphones, the company is diversifying due to sluggish demand in its home market.

Despite a 1% decline in net income to RMB4.2 billion for the March quarter, there are signs of a gradual recovery in the mobile market.

Xiaomi's global smartphone shipments grew 33.7% year-over-year. This narrowed the gap with peers Samsung Electronics Co Ltd (SSNLF  ) and Apple Inc. (AAPL  ), the report cited market tracker IDC.

According to Bloomberg Intelligence analysts, the EV business could contribute a mid-to-high single-digit percentage of the company's revenue in 2024.

By the end of 2024, Xiaomi plans to establish a network of 219 sales stores across 46 cities, enhancing its reach and market presence, per the report.

Price Action: XIACY shares are trading lower by 0.49% at $12.23 at the last check Thursday.