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stc Signs Agreement to Launch Cutting-edge 5.5G Network Technology

The agreement will enable stc to access the newest technologies. SPA
The agreement will enable stc to access the newest technologies. SPA
    Asharq A-Awsat
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stc Signs Agreement to Launch Cutting-edge 5.5G Network Technology

The agreement will enable stc to access the newest technologies. SPA
The agreement will enable stc to access the newest technologies. SPA

stc Group, the most prominent digital enabler in Saudi Arabia and the region, has signed a strategic agreement with its partners to incorporate cutting-edge 5.5G technology.

This agreement will enable stc to access the newest technologies and support the development of leading fifth-generation networks, provide a distinctive customer experience, and establish strong foundations for digital transformation.

The focus of stc Group is to offer its customers a unique and innovative experience by creating a digital platform for cutting-edge technical services. To achieve this, the company emphasizes the need to develop a top-notch technological network.

The high-bandwidth technology offered by stc Group's partners will make it possible to develop a sizable virtual player for a 10Gbps experience, as well as improve energy efficiency and sustainability.

The unique ELAA (MiMO Massive Wide Aerial Combination) technology can achieve high-level performance, making the user experience even more distinctive.

The innovative 5G network has become the foundation for delivering technical services in the business sector, such as the standalone 5G network (5G Standalone), network segmentation, and others.

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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
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20
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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)

China's Xiaomi on Tuesday reported an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

The company reported a 48.8% rise in fourth-quarter revenue to 109 billion yuan ($15.1 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG. Adjusted net profit jumped 69.4% year-on-year to 8.32 billion yuan, ahead of the average estimate of 6.399 billion yuan, Reuters reported.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high". Lu said the company aimed to start shipping cars overseas in 2027. Xiaomi's Hong Kong-listed shares closed up 3.3% before the earnings release. The stock has surged 284% over the past 12 months amid investor enthusiasm for its EV plans.

Xiaomi began manufacturing EVs last year with the launch of the SU7 sedan after selling smartphones, household appliances and smart gadgets for most of its 15-year history.

It reported 32.1 billion yuan in revenue for its EV business in 2024, delivering more than 135,000 SU7 sedans. The adjusted net loss related to its EV and other new initiatives reached 6.2 billion yuan.

Xiaomi's fourth-quarter global smartphone shipments rose 5% from a year earlier to 42.7 million handsets, ranking it third globally, with a market share of 13%, data from researcher Canalys showed.

In China, its largest market, shipments surged 29% to 12.2 million handsets over the same period, ranking it fourth, with a market share of 16%, according to the Canalys data.

Lu said Xiaomi aimed to ship 180 million smartphones this year, versus

in 2024, adding the company would invest up to 8 billion yuan, about a quarter of its total research and development budget this year, in AI-related initiatives.