Chinese tech giant Xiaomi’s adjusted net income in the fourth quarter increased 236.7% year-on-year to reach RMB 1.85 billion (US$276 million), higher than the RMB 1.42 billion (US$211 million) estimates from analysts surveyed by Bloomberg.
However, Xiaomi’s revenue in this quarter hit RMB 44.4 billion, lower than the estimates of RMB 46.2 billion.
The company’s adjusted net income for the fiscal year 2018 reached RMB 8.55 billion, up by 59.5% year-on-year. Its annual revenue amounted to RMB 174.9 billion, up by 52.6% year-on-year.
Xiaomi sold 118.7 million smartphones, up by 29.8% year-on-year. Revenue in this sector reached RMB 113.8 billion, up by 41.3% year-on-year.
Smart devices connecting to Xiaomi’s Internet of Things platform reached 151 million units by the end of 2018, up by 193.2% year-on-year.
The company said its revenue from internet services, including advertisements and gaming, hit RMB 16 billion in 2018, up by 61.2% year-on-year.
International revenue reached RMB 70 billion in 2018, accounting for 40% of the annual revenue, up from 28% in 2017.
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Editor: Nadine Freischlad