Xiaomi's Fourth-Quarter Profit Rose on Higher Smartphone Sales

By Jiahui Huang

Xiaomi posted a 51% rise in quarterly profit as higher smartphone sales after the pandemic offset expenses for its first electric car launching next week.

The Chinese smartphone and consumer-electronics maker on Tuesday reported fourth-quarter net profit to 4.73 billion yuan ($657.1 million), higher than a year ago but lower than CNY4.87 billion in the third quarter. The result beat the CNY3.32 billion profit expected in a FactSet poll of analysts.

Quarterly revenue rose 11% from a year earlier to CNY73.24 billion, beating a FactSet estimate of CNY72.87 billion.

For the full year, Xiaomi posted net profit of CNY17.48 billion, a sevenfold increase from 2022. Its annual revenue fell 3.2% to CNY270.97 billion but beat a FactSet estimate of CNY270.65 billion.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

03-19-24 0612ET