Xiaomi’s Q4 revenue beats estimates with 21.4%

Chinese smartphone maker Xiaomi Corp has reported a bigger-than-expected 21.4% rise in fourth-quarter revenue.

Xiaomi was propped by rising industry shipments of handsets following a global chip shortage and the peak of the pandemic.

Revenue rose to 85.58 billion yuan ($13.45 billion) in the quarter ended Dec. 31, compared with 70.46 billion yuan in the year earlier period and analyst expectations for 81.80 billion yuan, according to Refinitiv data.

Smartphone shipments rose 4.4% to 44.1 million units in the quarter, Xiaomi said in a statement.

Net income rose 39.6% to 4.47 billion yuan, also above analyst expectations.

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