| | | Xiaomi reports Q4 revenue jump, beats estimates
Manish Singh @refsrc / 7:14 am EDT • March 31, 2020
Xiaomi ended 2019 on a high, reporting a 27.1% year-over-year jump in the fourth-quarter revenue aided by overseas expansion, beating analysts’ estimation. The Chinese giant said sales in the fourth quarter jumped to 56.5 billion yuan ($8 billion), up from 44.42 billion yuan in the same quarter a year before.
In the fourth quarter of 2019, Xiaomi’s net profit was RMB 2.3 billion ($320 million), up 26.5% YoY. Refinitiv I/B/E/S had estimated Xiaomi’s Q4 2019 revenue to be $7.83 billion and the net income at $264 million, it told TechCrunch.
Xiaomi said its cash reserves had improved and it planned to continue to invest in international regions such as India, its biggest overseas market. Xiaomi executives said on a conference call with reporters that they hope that the 21-day lockdown imposed by New Delhi earlier this month to contain the spread of the coronavirus outbreak, which has put an absolute halt to purchase of non-essential goods, would “show signs of recovery” in two to three months.
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