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Xiaomi reports 21.4% revenue growth in Q4
By Yang Jing
An illuminated logo outside the Xiaomi booth at the GSMA Mobile World Congress in Barcelona, Spain, February 28, 2022. /CFP

An illuminated logo outside the Xiaomi booth at the GSMA Mobile World Congress in Barcelona, Spain, February 28, 2022. /CFP

Chinese smartphone maker Xiaomi Corp on Tuesday reported better than expected performance for the fourth quarter of last year, with a 21.4-percent rise in revenue and 39.6-percent growth in profit, as the handset industry is hit by a global chip shortage and the pandemic.

Xiaomi's revenue rose to 85.58 billion yuan ($13.45 billion) in Q4, beating analysts' estimate of 81.8 billion yuan.

Its profit made 39.6 percent year-on-year growth to 4.5 billion yuan.

Xiaomi's smartphone shipments rose by 4.4 percent to 44.1 million units in the quarter.

The Beijing headquartered company made 48.7 percent of its revenue from the overseas market in the fourth quarter, 23.4 percent higher than the same period of 2020.

For the whole year of 2021, Xiaomi reports total revenue of 328.3 billion yuan, 33.5 percent higher compared with revenue made in 2020. Its profit for last year grew by 69.5 percent year on year to 22 billion yuan.

Xiaomi's overseas market saw strong year-on-year revenue growth of 33.7 percent to 163.6 billion yuan in 2021, accounting for 49.8 percent of total revenue.

Xiaomi also said that its smart electric car business has made "faster-than-expected" progress since launched in March last year.

The EV team has had more than 1,000 staff in the research and development department and plans to mass-produce the car in the first half of 2024.

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