Chinese smartphone maker Xiaomi Corp. just reported a year-on-year jump in fourth-quarter profits, thanks to robust smartphone sales and overseas expansion.
The world’s fourth largest smartphone maker reported a net profit of 13.5bn yuan (US$2bn) in 2018, rebounding from its 43.9bn yuan loss ($6.56bn) reported in 2017.
The Beijing-based company also said that it sold a record 118.7mn phones around the world last year.
Xiaomi has done particularly well in the Indian market where it holds a leading position for its smartphone shipments according to market researcher Canalys.
“As we shipped increasingly more smartphones in developed markets, the average selling price (ASP) of our smartphones in international markets also recorded a year-on-year 9.7% growth,” the firm said in a statement.
During the quarter, revenue from Xiaomi’s Internet of Things (IoT) and lifestyle products segment increased by 86.9% to 43.8bn yuan, according to the company.
“We are one of the few companies in the industry that maintained high growth in 2018,” Xiaomi said in its regulatory filing in Hong Kong.