Xiaomi’s first-quarter revenue surged nearly 50 per cent, as the Chinese smartphone giant doubled down on new initiatives, including electric vehicles (EVs) and semiconductors. Revenue for the three months ended March 31 reached 111.2 billion yuan (US$16.46 billion), up 47.4 per cent year on year, the company said on Tuesday. Adjusted net profit reached a record high of 10.68 billion yuan, up 64.5 per cent from the year-earlier period. The results came in slightly above analysts’ expectations of...