China smartphone maker Xiaomi beats profit view, sees more global expansion

Shanghai: Chinese smartphone maker Xiaomi Corp said on Tuesday its fourth-quarter net profit more than tripled to 1.85 billion yuan ($275.59 million), on stronger revenue.

That exceeded the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

Revenue for the period increased 27% to 44.4 billion yuan, lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

The results show Xiaomi is weathering fairly well a slowing Chinese smartphone market, the world’s biggest, by increasing its focus on markets such as India and Europe.