Chinese smartphone brand Xiaomi posted better-than-expected results for the fourth quarter of 2021, with a 21.4 percent rise in revenue and 39.6-percent growth in profit.
The company reported a 40 percent jump in adjusted net income to $702 million in the last three months of 2021. For the 2021 financial year, Xiaomi reported total revenue of 328.3 billion yuan, 33.5 percent higher compared with revenue made in 2020.
“2021 was a year of outstanding revenue and profit growth for Xiaomi,” Mr. Lei Jun, Founder, and CEO of Xiaomi Tweeted.
2021 was a year of outstanding revenue and profit growth for Xiaomi. Annual revenue was RMB328.3 billion, representing an increase of 33.5% YoY. Adjusted net profit was RMB22 billion, representing an increase of 69.5% YoY. Thank you everyone for your support! pic.twitter.com/aCcv5FvKd1
— Lei Jun (@leijun) March 22, 2022
The smartphone maker says it managed to grow its worldwide smartphone shipments by 3.9% in the December quarter, helped by models with upgraded camera features and software.
Xiaomi’s global smartphone shipments grew 30.0 percent year-over-year to reach 190.3 million units, a record high. According to Canalys, in 2021, our smartphone shipments ranked No. 3 globally with a record-high market share of 14.1 percent.
“Building on Xiaomi’s resilient business model, complete smart ecosystem and extensive user base, Xiaomi is set to overcome the macroeconomic headwinds, maintain solid growth momentum and achieve sustainable development,” the company said of its future outlook in a statement.
Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index.
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