Affected by the “lack of core”, Xiaomi’s performance growth in the fourth quarter of 2020 is not as good as expected. On the evening of March 24, Xiaomi Group (01810.HK) released its Q4 2020 results. In the quarter, the company’s revenue and adjusted profit were 70.462 billion yuan and 3.204 billion yuan respectively, up 24.8% and 36.7% year on year respectively, but down 2.4% and 22.4% year-on-year respectively.
In 2020, the company’s revenue reached 245.9 billion yuan, up 19.4% year on year; Adjusted net profit was 13 billion yuan, up 12.8% year on year.
Xiaomi’s fourth-quarter and 2020 results fell short of some expectations. CICC had previously forecast fourth-quarter revenue of 73 billion yuan. CICC, Cinda Securities and Everbright Securities had previously estimated Xiaomi’s 2020 revenue to be between 248.4 billion yuan and 253.1 billion yuan.