Chinese smartphone maker Xiaomi profit jumps driven by expanded market share as Huawei retreats

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Chinese smartphone maker Xiaomi Corp’s fourth-quarter profit surged to beat market expectations on the back of expanded sales and global market share, as the company defied a US investment ban and rival Huawei retreats from the global market due to US-led sanctions.

Adjusted net income was 3.2 billion yuan ($491 million) in the December quarter, surging 37 per cent from a year earlier, beating the analysts’ average estimate of 2.89 billion yuan. Profit included one-time gains on the fair value of investments.

Revenue increased 24.8 per cent to . . .

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