Xiaomi Reports 23.7 Percent Drop in Fourth Quarter Profit
Xiaomi reported a 23.7 percent drop in quarterly profit due to heavy electric vehicle investment. Earnings and revenue both beat average analyst estimates.
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Xiaomi Corporation reported a 23.7% decrease in its fourth-quarter profit on Tuesday as the company continues to invest heavily in its electric vehicle business. The technology giant, headquartered in China, saw its adjusted net profit for the quarter ended December 31 fall to 6.3 billion yuan ($914.45 million). This result, however, outperformed the average analyst estimate of 5.7 billion yuan, according to data from LSEG.
