Xiaomi's stock experienced a remarkable upswing on Monday, climbing 6.5% to reach €3.02 on the Frankfurt Stock Exchange. This surge follows a positive research update from the esteemed Japanese brokerage firm Daiwa, which raised its price target for the Chinese smartphone manufacturer. The stock is now approaching its 52-week high of €3.05, achieved on October 7, 2024. This recent rally is underpinned by robust financial results, with Xiaomi reporting a 27.57% increase in revenue to 95.95 billion Hong Kong dollars in the second quarter of 2024. Earnings per share also improved significantly from 0.16 to 0.22 Hong Kong dollars.
Impressive Long-Term Performance
The current upward trend is part of a broader success story for Xiaomi. The stock closed at €2.92 on October 6, 2024, marking a 1.97% daily gain. More notably, it has surged by 12.95% over the past month and an astounding 107.39% year-over-year. These figures underscore growing investor confidence in Xiaomi's future prospects, driven by its diverse product portfolio and commitment to innovation in the dynamic smartphone market.
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