Xiaomi posts a quarterly revenue of 6.1 million yuan

Xiaomi Corp’s quarterly profit beat estimates after the world’s third-largest smartphone maker narrowed the gap with market leaders Samsung Electronics Co. and Apple Inc. in shipments.

The Beijing-based company posted an adjusted net income of 6.1 billion yuan ($949 million) in the quarter ended in March, surpassing the highest estimate of 5.3 billion yuan compiled by Bloomberg. Higher finance income and tax refunds contributed to the profit beat. Revenue jumped 55% to 76.9 billion yuan, also ahead of analyst estimates compiled by Bloomberg, according to a filing to the Hong Kong Stock Exchange Wednesday.

Billionaire co-founder Lei Jun is seeking new battlegrounds for the 11-year-old company that has already expanded from smartphones to a wide spectrum of consumer electronics, including smart TVs and laptops.