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Xiaomi Q4 profit surges as it grabs market share after Huawei retreat

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SHANGHAI: Chinese smartphone maker Xiaomi Corp on Wednesday reported a 36.7% rise in fourth-quarter net profit, as Android rival Huawei steadily retre...

SHANGHAI:

In the October-December quarter, Xiaomi's shipments in China surged 52% from a year earlier, and the company cornered 15% of the market share. In an earnings call, Xiaomi President Wang Xiang said that the chip shortage's associated cost increases might get passed on to consumers in some cases. “We are feeling pressure, but we are looking okay,“ Wang told investors.Overseas sales grew 27.6% to 33.8 billion yuan, accounting for 47.9% of the company's revenue.

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Xiaomi moves past struggling Huawei as No 1 Chinese smartphone vendor in global marketXiaomi recorded its most profitable year in 2020 on the back of expanded sales and global market shareThe Beijing-based company was the world’s third-largest smartphone vendor in the fourth quarter, behind Apple and Samsung
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