Xiaomi reports 23.7 percent drop in Q4 profit

China's Xiaomi Corp (1810) reported a 23.7 percent ​drop in fourth-quarter profit on ‌Tuesday as the company continued to invest ​heavily in its ​electric vehicle business.

Adjusted net profit ⁠for the quarter ​ended December 31 fell to 6.3 ​billion yuan, compared with the average analyst estimate ​of 5.7 billion ​yuan, according to LSEG data.

Xiaomi, ‌which ⁠also makes smartphones and home appliances, said fourth-quarter revenue came ​in at ​116.9 ⁠billion yuan. That was slightly ​above the average ​estimate ⁠of 116.2 billion yuan.

Reuters