Xiaomi weathers China smartphone slowdown but growth worries hit shares

Chinese smartphone maker Xiaomi Corp beat quarterly profit estimates as it dominated the fast-growing Indian market and sold more expensive handsets in Western Europe, but shares slid as revenue fell short of expectations.

Xiaomi’s quarterly results – the third set since its IPO in Hong Kong – show the company is weathering fairly well a slowdown in demand in China by increasing its focus on international markets.

Its fourth-quarter net profit more than tripled to 1.85 billion yuan ($275.6 million), exceeding the 1.7 billion yuan average estimate.