Chinese tech giant Xiaomi reported a significant rise in revenue for the fourth quarter of 2024, up 48.8% to 109 billion yuan ($15.09 billion), beating analysts' expectations, Reuters reports.
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Net Profit Growth and Electric Vehicle Market Success
The company's adjusted net profit also showed a significant increase, up 69.4% to RMB 8.32 billion.
Xiaomi also raised its 2025 EV shipment forecast to 350,000 units. In 2024, the company already shipped more than 135,000 SU7 EVs (sedan), bringing in 32.1 billion yuan in revenue from the segment. However, losses related to new initiatives, including entering the EV market, rose to 6.2 billion yuan.
Xiaomi shares rise on positive news
Xiaomi shares rose 3.3% ahead of the financial report. Overall, the company's market value has increased by 284% over the year.
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