China’s Xiaomi fourth-quarter profit rises 36.7% on handset demand

Chinese smartphone maker Xiaomi Corp reported a 36.7% rise in fourth-quarter net profit on Wednesday, just as its major Android rival fell out of the market.

Adjusted net profit for the quarter ending Dec. 31 rose to 3.2 billion yuan ($490.84 million), beating analyst expectations of 2.9 billion yuan.

Sales hit 70.5 billion yuan, up 24.8% year-on-year.

The results come as Huawei Technologies Co Ltd, the company’s main rival, steadily retreats from the global smartphone market due to U.S.-led sanctions.

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