Xiaomi rebounds with 13.5 billion yuan annual profit, targets greater international expansion
- Beijing-based firm was one of the few companies in the smartphone industry to maintain high growth in 2018
Chinese smartphone giant Xiaomi Corp on Tuesday reported a net profit of 13.5 billion yuan (US$2 billion) for 2018, rebounding from its 43.9 billion yuan loss in 2017.
The Beijing-based company’s total revenue grew 52.6 per cent to 174.9 billion yuan, but slightly missed the 176 billion yuan market average estimate from analysts’ forecasts compiled by Bloomberg.
That was driven by a 41.3 per cent increase in global smartphone sales to 113.8 billion yuan over the previous year, as total shipments rose 29.8 per cent year on year to 118.7 million units.
“We are one of the few companies in the industry that maintained high growth in 2018,” Xiaomi said in its regulatory filing in Hong Kong.
The firm said its smartphone revenue in mainland China continued to grow last year on the back of a rising average selling price (ASP), which was up 17 per cent.
