China's Xiaomi fourth-quarter profit rises 36.7per cent on handset demand
BusinessChinese smartphone maker Xiaomi Corp reported a 36.7per cent rise in fourth-quarter net profit on Wednesday, just as its major Android rival fell out of the market.FILE PHOTO: The logo of Xiaomi is seen inside the company's office in Bengaluru, India, January 18, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
24 Mar 2021 06:16PMShare this contentBookmarkSHANGHAI: Chinese smartphone maker Xiaomi Corp reported a 36.7per cent rise in fourth-quarter net profit on Wednesday, just as its major Android rival fell out of the market.Adjusted net profit for the quarter ending Dec. 31 rose to 3.2 billion yuan (US$490.84 million), beating analyst expectations of 2.9 billion yuan.
AdvertisementAdvertisementSales hit 70.5 billion yuan, up 24.8per cent year-on-year.The results come as Huawei Technologies Co Ltd, the company's main rival, steadily retreats from the global smartphone market due to U.S.-led sanctions.(Reporting by Josh Horwitz; Editing by Andrew Heavens and Edmund Blairr) headtopics.comRead more: CNA »