BEIJING (Reuters) -China's Xiaomi reported a 10.9% rise in fourth-quarter revenue and beat adjusted net profit estimates boosted by strong smartphone sales as the sector shows signs of recovery. "As previously expected, the overall smartphone shipments in the second half of 2023 were better than the first half," Xiaomi President Lu Weibing said on an earnings call. Xiaomi's fourth-quarter global smartphone shipments were up 23% from a year earlier to 40.7 million handsets, ranking it third globally with a market share of 13%, data from researcher Canalys showed.
The following are the top stories in the Wall Street Journal. - Alibaba Group's media and entertainment arm will spend about $640 million to promote movies, television dramas and creative events in Hong Kong over the next five years. - China's Xiaomi said on Tuesday it will start deliveries of its first electric vehicle (EV) model SU7 on March 28.
(Bloomberg) -- Xiaomi Corp.’s shares had their biggest intraday jump in more than a year after the company announced it will start selling its long-awaited electric vehicles this month.Most Read from BloombergMillennium Trader Scored $40 Million Windfall in Egypt FX PlungeSpaceX Starship Nears Orbit, But Is Lost Before Return to EarthBiden’s Best Shot Against Trump Lies in ‘Blue Wall’ StatesPutin Says Ukraine Deal Requires Security Pledges for RussiaBond Yields Jump as Hot Inflation Curbs Fed Wa