March 19, 2019 / 10:44 AM / 8 months ago

China smartphone maker Xiaomi's Q4 profit more than triples, beats view

SHANGHAI, March 19 (Reuters) - Chinese smartphone maker Xiaomi Corp said on Tuesday its fourth-quarter net profit more than tripled to 1.85 billion yuan ($275.59 million), on stronger revenue.

That profit exceeded the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

Revenue for the period increased 27 percent to 44.4 billion yuan, lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

For the full 2018 calendar year, Xiaomi brought in revenue of 174.9 billion yuan and made a net profit of 8.6 billion yuan.

This marks the third set of financial results for the company since its IPO in Hong Kong. Xiaomi shares have rallied nearly 30 percent since early January, though they remain well below their July listing price. ($1 = 6.7128 Chinese yuan renminbi) (Reporting by Josh Horwitz; Editing by Muralikumar Anantharaman)

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