Caixin
Mar 20, 2024 02:09 PM
BUSINESS

Xiaomi’s Quarterly Results Beat Estimates but Annual Sales Fall

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The Xiaomi 14 Ultra smartphone gets displayed on Feb. 28 at a Xiaomi store in Zhongshan, South China’s Guangdong province. Photo: VCG
The Xiaomi 14 Ultra smartphone gets displayed on Feb. 28 at a Xiaomi store in Zhongshan, South China’s Guangdong province. Photo: VCG

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By Jiahui Huang

(The Wall Street Journal) — Chinese smartphone and electronics maker Xiaomi posted stronger-than-expected quarterly results, but its annual revenue dropped due to lower smartphone sales.

The Beijing-based company reported a 51% jump in net profit to 4.73 billion yuan ($657.1 million) for the fourth quarter as revenue rose 11% to CNY73.24 billion, it said Tuesday.

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