Xiaomi sees revenue rise to $13b in Q4

Chinese consumer electronics company Xiaomi Corp said its revenue in the fourth quarter of 2021 reached 85.6 billion yuan ($13.4 billion), marking a 21.4 percent year-over-year rise, as it saw rapid growth in overseas markets and growing shipments of high-end smartphones.

Xiaomi said its adjusted net income increased 39.6 percent to 4.47 billion yuan. Smartphone shipments rose 4.4 percent to 44.1 million units in the quarter.

Wang Xiang, president of Xiaomi, said in an earnings call that despite challenges in external environments and the COVID-19 pandemic, Xiaomi still has big growth room.

"We will promote the sales of mid- to high-end products, which grew very fast last year. We sold 24 million units of high-end smartphones last year," Wang said.

According to him, though the challenges of chip supply shortage remained big in the first quarter of this year, the company believes that chip supply will return to normal later, and throughout the year, there will even be an oversupply situation. Meanwhile, the pandemic posed more difficulties in logistics, but the company thinks it is a short-term problem.

Xiaomi said its overseas business recorded robust growth as the company continued to advance its overseas strategy last year. In 2021, revenue from overseas markets reached 163.6 billion yuan in 2021 increasing 33.7 percent year-over-year and accounting for 49.8 percent of total revenue.