China smartphone maker Xiaomi in the fourth quarter, more profit than triples, beats view

FILE PHOTO: People walk past a Xiaomi shop in Shenyang, Liaoning province, China June 12, 2018. REUTERS/Stringer

SHANGHAI (Reuters) – the Chinese smartphone maker Xiaomi Corp said on Tuesday its fourth-quarter net profit more than tripled to an amount of 1.85 billion yuan (us$275.59 million), on stronger revenue.

The profit exceeded 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

The turnover for the year rose 27 percent to 44.4 billion yuan, lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

For the entire 2018 calendar year, Xiaomi brought in the income of 174.9 billion yuan and a net profit of 8.6 billion yuan.

This is the third set of financial results for the company since its initial public OFFERING in Hong Kong. Xiaomi shares have rallied almost 30 percent since the beginning of January, though they remain far below their July course.

Reporting by Josh Horwitz; Editing by Muralikumar Anantharaman

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