Business

China's Xiaomi fourth-quarter profit rises 36.7per cent on handset demand

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.

FILE PHOTO: The logo of Xiaomi is seen inside the company's office in Bengaluru
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

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SHANGHAI: 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.

Sales 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)

Source: Reuters