China’s Xiaomi Q4 2023 revenue rises 11%, beats estimates

© Reuters. Attendees arrive before a Xiaomi event on the company’s first electric vehicle, the SU7, in Beijing, China December 28, 2023. REUTERS/Florence Lo/File Photo

BEIJING (Reuters) – Chinese smartphone maker Xiaomi (OTC:) reported a 10.9% rise in fourth-quarter revenue on Tuesday, boosted by strong smartphone sales in an industry showing signs of recovery.

Revenue reached 73.24 billion yuan ($10.17 billion) in October-December, versus the 73.17 billion yuan average of 15 analyst estimates compiled by LSEG.

Adjusted net profit rose 236.1% from the same period a year earlier to 4.9 billion yuan. That compared with the 3.89 billion yuan average analyst estimate.

($1 = 7.1994 renminbi)