Visitors walk past a Xiaomi logo at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang

By Che Pan and Brenda Goh

BEIJING (Reuters) -China's Xiaomi reported a 80.9% jump in third-quarter profit on Tuesday as the world's third-largest smartphone maker doubled down on its shift into electric vehicles.

Adjusted net profit reached 11.3 billion yuan ($1.59 billion), exceeding the average estimate of 10.3 billion yuan, according to LSEG data.

The company said in a stock filing that the growth was driven by EV, AI and other new initiatives, achieving positive income from operations in a single quarter for the first time.

Revenue for the quarter ended September rose 22.3% to 113.1 billion yuan ($15.90 billion), below the 116.5 billion yuan average of analyst estimates compiled by LSEG.

Hong Kong-listed shares in Xiaomi, which also makes smartphones and home appliances, closed down 2.81% at 41 Hong Kong dollars. The stock has risen 18.2% so far this year.

Xiaomi's EV business generated 28.3 billion yuan in revenue in the September quarter, up from 20.6 billion yuan in the second quarter and 18.1 billion yuan in the first.

($1 = 7.1115 Chinese yuan)

(Reporting by Che Pan and Brenda Goh; Editing by Kate Mayberry and Louise Heavens)