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Xiaomi Achieves Profit Beat Despite Sharp Fall in Phone Business

  • Net profit in end-December quarter of 1.5 billion yuan
  • Quarterly revenue was higher than predicted at 66 billion yuan
A Xiaomi Corp. store in Shanghai.

A Xiaomi Corp. store in Shanghai.

Photographer: Qilai Shen/Bloomberg
By
Bloomberg News

Xiaomi Corp.’s profit beat expectations as the world’s third-largest smartphone maker weathered a difficult quarter to close the year.

Smartphone shipments were down dramatically in the three months ended December, but the Beijing-based company still managed to record net income of 1.5 billion yuan ($218 million), better than the average analyst estimate of 800 million yuan. Revenue in the quarter was 66 billion yuan, the company said in a filing Friday. Analysts had predicted 65 billion yuan.