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Xiaomi beats estimates with 21.4% rise in Q4 revenue

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3 years ago

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  • Xiamoi’s Revenue hits 85.58 billion yuan, up 21.4% y/y.
  • Net profit reaches 39.47 billion yuan, up 36.6% y/y.
  • Smartphone shipments total 44.1 million units, up 4.4% y/y.

SHANGHAI: Chinese smartphone maker Xiaomi on Tuesday reported a bigger-than-expected 21.4% rise in fourth-quarter revenue, as industry shipments of handsets slowly tick up following a global chip shortage and the peak of the pandemic.

“In 2021 we experienced a very complex situation,” Xiaomi president Wang Xiang said in an earnings call.

“Supply is in a very severe or tight position, and there is a geopolitical impact. However, Xiaomi’s performance has shown we are a resilient company.”

Revenue rose to 85.58 billion yuan ($13.45 billion) in the quarter ended Dec. 31, compared with 70.46 billion yuan in the year earlier period and analyst expectations for 81.80 billion yuan, according to Refinitiv data.

Smartphone shipments rose 4.4% to 44.1 million units in the quarter, Xiaomi said in a statement.

Net income rose 39.6% to 4.47 billion yuan, also above analyst expectations.

In an earnings call, Wang said that ensuring a steady supply of chips was still challenging in the first quarter of 2022, but expected the situation to improve by June.

The company, which gets the vast majority of its revenue from selling mobile handsets, said smartphone revenue rose 18.4% to 50.5 billion yuan ($7.94 billion) in the quarter ended December 31.

Last year, Xiaomi grabbed market share in its home market China away from Huawei, which lost its smartphone momentum after the United States placed export restrictions on its suppliers. But Huawei spinoff Honor came back strong in the second half of 2021, finishing the fourth quarter with a 16% market share in China — the same as Xiaomi — according to data from Canalys.

Xiaomi’s fourth-quarter smartphone shipments in China rose 10%, according to research firm Canalys. Globally, its shipments rose 5%.

Slowing handset demand in China, the company’s largest market, has prompted Xiaomi to look for new opportunities.

The company is slated to invest $10 billion over the next ten years into making electric cars, which it hopes to bring to market by 2024.

The company has also ramped up investments in chips, relasing its first device with a self-developed image signal processor.

Wang said that investments in chips would go into areas “directly related to user experience,” such as fast charging.

Xiaomi has also expanded its brick-and-mortar retail footprint, in hopes of attracting more customers.

Xiaomi reported a 33.5% rise in 2021 revenue, which hit 328.3 billion yuan ($51.59 billion), versus an average analyst estimate of 325.862 billion yuan.

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Balochistani Graduates Selected for NUTECH Islamabad’s Mining Program

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6 days ago

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For 18 graduates of the Reko Diq Mining Project, the National University of Technology, Islamabad, has started a training program. These graduates will complete an 18-month on-the-job training program at Barrick’s International Mining Sites after completing a two-month course at NUTECH.

The graduates will acquire proficiency in mining and associated technical domains during the training program. The chosen graduates will also get specific instruction on environmental protection, safety, exploration, and geology.

Along with the development of communication skills, the curriculum will also emphasise the most recent advancements in the mining industry. Barrick’s International Graduate Development Program for 2024 includes the Balochistani graduates.

Additionally, nine Baloch graduates were selected in 2023 and transported to Barrick’s facility in Argentina for on-the-job training.

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WhatsApp will improve the updates tab by introducing new shortcuts and a revamped interface.

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7 days ago

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WhatsApp is implementing a new upgrade to refine the Updates tab interface, hence boosting accessibility for status and channel updates.

WABetaInfo reports that the upgrade introduces expedited shortcuts that streamline the updating of statuses and channels. Users can now select and upload photos and videos directly from the interface, reducing the steps involved in choosing media from the gallery.

The Meta-owned messaging application has also revamped the button for generating text-based status updates and introduced a feature for recording and sharing voice status updates. This offers customers a more expedient method to disseminate text and speech updates without depending on the floating action button.

The revisions correspond with recent modifications to other tabs, ensuring a modernised interface that improves navigation and update creation. WhatsApp is modifying the floating action button to facilitate content sharing within channels.

When selecting the floating action button, users will see several options, including creating status updates, starting new channels, or sharing photos, videos, voice, and text in existing channels. This revamp integrates all content-generating options into a singular section.

The new shortcuts are anticipated to be accessible to a broader user base in the forthcoming weeks. Beta testers can currently access them in the latest WhatsApp beta for Android, version 2.24.26.13, available on the Google Play Store.

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China and Pakistan Sign Memorandum of Understanding to Launch AI-Powered Agricultural Equipment

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1 week ago

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Through Chinese expertise, the arrangement, which was made possible by the Special Investment Facilitation Council (SIFC), intends to increase Pakistan’s agricultural output.

The Punjab government and China’s “AI Force Tech” company have inked a memorandum of understanding (MoU) to introduce advanced agricultural machinery during Chief Minister Maryam Nawaz’s visit to China.

Through the use of advanced robotic technology, the MoU seeks to transform Pakistan’s agricultural industry, guarantee economic growth, and boost farmers’ wealth with China’s assistance.

Through the partnership, Pakistan would also have the chance to absorb knowledge about China’s sophisticated farming methods.

In the meantime, plans have been revealed by the Federal Minister of Planning to send 1,000 agricultural experts to China to study contemporary farming methods.

A Chinese business and the Punjab government previously inked an agreement to introduce cutting-edge cancer treatment technologies to Punjab.

Maryam Nawaz signed a Memorandum of Understanding (MoU) with Hygea Medical Technologies while she was in China in order to introduce cutting-edge cancer treatment equipment and techniques to Punjab.

This equipment will make it feasible to treat cancer without the need for chemotherapy or surgery.

Following a meeting with Hygea Medical Technologies President Dr. Luo Fuliang, Maryam Nawaz said the organization has promised expert assistance for the establishment of the Nawaz Sharif Cancer Hospital.

She went on to say that the hospital will work with China to treat cancer patients utilizing the newest equipment and techniques following the agreement.

Maryam Nawaz and a high-level delegation are present. From December 8 to December 15, the chief minister will go to Beijing, Shanghai, Shenzhen, and Guangzhou.

CM Maryam Nawaz is expected to attend a number of conferences, events, and meetings with the goal of enhancing bilateral relations and looking into potential joint ventures in the areas of infrastructure development, technology, agriculture, and governance.

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