Xiaomireported a 37% increase in quarterly profit as China’s top smartphone maker took advantage of Huawei’s retreat to consolidate its lead in the market, reported Bloomberg.
Adjusted net income was RMB 3.2 billion ($491 million) in the December quarter, beating analysts’ average estimate of RMB 2.89 billion. Profit included one-time gains on the fair value of investments. Revenue jumped 25% to RMB 70.5 billion, according to a filing to the Hong Kong Stock Exchange. That compared with the 74.6 billion average of analyst estimates compiled by Bloomberg.
The Beijing-based firm grew smartphone shipments by 32% in the last three months of the year, leading the group of Chinese phone-makers grabbing market share from Huawei, whose shipments fell more than 40% under the weight of US sanctions.