Xiaomi's Fourth-Quarter Profit Rose on Higher Smartphone Sales
By Jiahui Huang
Xiaomi posted a 51% rise in quarterly profit as higher smartphone sales after the pandemic offset expenses for its first electric car launching next week.
The Chinese smartphone and consumer-electronics maker on Tuesday reported fourth-quarter net profit to 4.73 billion yuan ($657.1 million), higher than a year ago but lower than CNY4.87 billion in the third quarter. The result beat the CNY3.32 billion profit expected in a FactSet poll of analysts.
Quarterly revenue rose 11% from a year earlier to CNY73.24 billion, beating a FactSet estimate of CNY72.87 billion.
For the full year, Xiaomi posted net profit of CNY17.48 billion, a sevenfold increase from 2022. Its annual revenue fell 3.2% to CNY270.97 billion but beat a FactSet estimate of CNY270.65 billion.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 19, 2024 06:12 ET (10:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth