Chinese smartphone maker Xiaomi Corp has announced quarterly higher-than-expected revenue growth as phone shipments begin to recover after a global processor shortage and a pandemic peak.
“In 2021, we experienced a very complex situation,” said Xiaomi President Wang Xiang.
“The offer is in a very serious or tight position, and there is a geopolitical impact. However, Xiaomi’s performance has shown that we are a resilient company.”
Revenue rose to 85.58 billion yuan ($ 13.45 billion) in the quarter to Dec. 31, up from 70.46 billion yuan a year earlier, with analysts estimating 81, 80 billion yuan.
Smartphone shipments rose 4.4% to 44.1 million devices in the quarter, Xiaomi said.
Net income rose 39.6% to 4.47 billion yuan, also higher than analysts’ estimates.
The company, which earns most of its revenue from mobile phone sales, said revenue from smartphones rose 18.4% to 50.5 billion yuan ($ 7.94 billion) in the fourth quarter.
Shipments to China also increased 10% in the quarter, and worldwide by 5%.
The company plans to invest $ 10 billion over the next 10 years in the construction of electric vehicles, which it hopes to bring to market by 2024.
Source: Capital
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