Xiaomi Corporation will be forced to raise prices for smartphones, probably all over the world. This was reported by the Chinese publication MyDrivers.
The company released its financial report for the fourth quarter of 2023, in which Xiaomi earned 4.73 billion yuan in net profit, an increase of 51 percent. Revenue from smartphone sales rose 21 percent to 44.23 billion yuan. Profits were record highs since the corporation went public.
Xiaomi told its shareholders that the average cost of a smartphone increased by 19 percent year on year. However, the brand’s phones will continue to rise in price in 2024. In particular, Xiaomi Group President Lu Weibing said that the company will equip smartphones with more expensive and high-quality materials.
Journalists noticed that in mainland China, Xiaomi occupied more than 20 percent of the premium device market. The company also turned out to be the leader in the premium smartphone segment with a market share of 28.2 percent. The latter include gadgets costing up to 6,000 yuan, or about 77 thousand rubles.
Earlier, insiders said that the Chinese corporation Xiaomi planned to release an innovative folding smartphone. The device will receive a screen on which there will be no wrinkles.
Source: Lenta
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