The Chinese smartphone maker reported a nearly 70 percent surge in adjusted net profit to RMB22.04 billion yuan last year, beating estimates, and said it would spend up to HKD10 billion for shares buyback.
Revenue from its smartphone business rose 37 percent while smartphone shipments grew 30 percent to 190.3 million units last year, a record high, it said. Its smartphone shipments ranked third globally in 2021, with a market share of 14.1 percent, the company said citing data from Canalys.
Total revenue rose by 33.5 percent to RMB328.3 billion and revenue from overseas markets grew 33.7 percent to RMB163.6 billion, accounting for 49.8 percent of the total.
The company’s adjusted net income jumped 40 percent to RMB4.47 billion in 4Q2021, with sales up 21 percent during the busy holiday season.
Xiaomi faces prolonged component shortages and fluctuating producer prices in the second half of 2021. Russia’s invasion of Ukraine will hinder its overseas business, although the impact will be “manageable,”. The company’s smartphone shipments to Russia could fall by 3 million units in 2022.
