Xiaomi reported a strong 236.1% increase in profits during the fourth quarter
In China, Xiaomi was fifth in market share during the fourth quarter; the company’s 13% market share in its home country was accompanied by a 12% hike in smartphone shipments to 9.5 million units. Xiaomi President Lu Weibing told listeners during a conference call, “As previously expected, the overall smartphone shipments in the second half of 2023 were better than the first half. The global consumer electronics market continues to show a gradual recovery trend.”
During the fourth quarter of 2023, Xiaomi had net profits equal to $680.63 million U.S. Dollars. Not only did this figure top estimates, it also was a whopping 236.1% year-over-year increase.