Chinese smartphone giant Xiaomi's revenue rose 24.8 percent year-on-year to 70.46 billion yuan ($1.08 billion) in the fourth quarter, missing analysts estimates of 74.58 billion yuan, the company’s earnings report released Wednesday showed.
Xiaomi reported an adjusted net profit of 3.2 billion yuan in the fourth quarter, beating analyst estimates of 2.89 billion yuan and up 36.7 percent year-on-year.
It reported a fourth-quarter net income of RMB 8.8 billion and an operating profit of RMB 9.6 billion.
Xiaomi reported smartphone revenue of 42.6 billion yuan in the fourth quarter, missing analyst estimates of 43.68 billion yuan and up 38.4 percent year-on-year.
It reported fourth-quarter Internet service revenue of RMB 6.2 billion, below analyst estimates of RMB 6.46 billion.
Xiaomi reported fourth-quarter gaming revenue of RMB 900 million, down 1.4 percent year-on-year.
It generated RMB33.8 billion in revenue in foreign markets in the fourth quarter, up 27.6 percent year-on-year and accounting for 47.9 percent of total revenue.
Xiaomi sold 42.3 million smartphones in the fourth quarter, up 29.7 percent year-on-year.
Its smartphone average unit price (ASP) was RMB 1,009.1, up 6.8% year-on-year.
For the full year 2020, Xiaomi revenue reached 245.9 billion yuan, up 19.4% year-on-year. Adjusted net income reaches 13 billion yuan, up 12.8% year-on-year.
Xiaomi's smartphone revenue in 2020 was RMB 152.2 billion, below analyst estimates of RMB 154.24 billion and up 24.6 percent year-on-year.
Xiaomi will ship 146.4 million units of smartphones globally in 2020, up 17.5% year-on-year.
Xiaomi's Internet service revenue in 2020 was RMB 23.8 billion, compared to analyst estimates of RMB 24 billion. Revenue from the gaming business reached RMB 4.2 billion, up 31.4% year-on-year
It generated RMB 122.4 billion in revenue in overseas markets in 2020, up 34.1% year-on-year and accounting for 49.8% of total revenue.