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Xiaomi’s fourth-quarter profit more than triples

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Reuters
Reuters
Reuters is an international news organisation owned by Thomson Reuters

SHANGHAI: Chinese smartphone maker Xiaomi said on Tuesday its fourth-quarter net profit more than tripled to 1.85 billion yuan ($275.59 million), on stronger revenue.

That profit exceeded the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

Revenue for the period increased 27 percent to 44.4 billion yuan, lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

For the full 2018 calendar year, Xiaomi brought in revenue of 174.9 billion yuan and made a net profit of 8.6 billion yuan.

This marks the third set of financial results for the company since its IPO in Hong Kong. Xiaomi shares have rallied nearly 30 percent since early January, though they remain well below their July listing price.

Xiaomi, the world’s fourth-largest smartphone maker, also unveiled a smartphone in February that it said will be able to take advantage of new and faster 5G mobile networks and cost far less than one announced by market leader Samsung.

Prices for Xiaomi’s new offering will start at 599 euros ($679.33) when it hits the market in May, Donovan Sung, Xiaomi’s global head of products, told a trade event in Barcelona, prompting gasps in the hall where it was presented.

Samsung, which leads the market ahead of Huawei and Apple, launched a 5G phone on Wednesday which it said would be available in early summer, with a $1,980 starting price.

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