Xiaomi posts $1 billion loss in first-quarter ahead of IPO
Chinese smartphone maker Xiaomi has revealed it lost $1.1 billion in the first three months, as it prepares for the biggest Initial Public Offering (IPO) since 2014. The company also said its revenue for the quarter came in at $5.37 billion. Xiaomi is expected to raise $10 billion at a valuation of $60-70 billion, according to reports. 