The Chinese smartphone giant has revealed it lost a whopping $1.1 billion in the first quarter of the year, reports TechCrunch. The revelation of the loss comes just a month after the company filed for its anticipated IPO–an IPO that could raise up to $10 billion, valuing the company at over $100 billion. Such an IPO would be the largest since China’s Alibaba went public in the U.S. in 2014. And as for that billion dollar loss, it was due to one-time items, so shouldn’t be of too much concern to potential investors. Excluding the one-time items, Xiaomi actually made a $162 million profit on $5.3 billion in revenue last quarter.
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