SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp reported a 36.7% 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 ($490.84 million), beating analyst expectations of 2.9 billion yuan.
Sales hit 70.5 billion yuan, up 24.8% 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.
Â
(Reporting by Josh Horwitz; Editing by Andrew Heavens and Edmund Blairr)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
