Investing.com -- China’s technology giant, Xiaomi (OTC:XIACF), reported more than 48% surge in revenue for the fourth quarter on Tuesday, driven by robust sales in the electric vehicle and smartphone sectors.
The company’s revenue for the October-December period totaled 109 billion yuan ($15.09 billion). This result surpassed the average estimate of 103.94 billion yuan projected by 17 analysts compiled by LSEG.
In addition, Xiaomi’s adjusted net profit for the same period experienced a significant increase of 69.4% from the previous year, reaching 8.32 billion yuan.
The strong financial performance of Xiaomi in the fourth quarter is attributed to the company’s strong sales in both the electric vehicle and smartphone markets.
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