Xiaomi appeared to cash in on market share gained at the expense of rival Huawei during Q4, crediting gains in key financial metrics to a near 30 per cent year-on-year rise in shipments.

In an earnings statement, Xiaomi cited Canalys figures which ranked it as the world’s third largest vendor during the quarter on 12.1 per cent, with the analyst company also labelling the manufacturer as the fastest-growing of its top five.

Xiaomi stated its smartphone shipments hit 42.3 million in Q4, up 29.7 per cent. Domestic shipments were 51.9 per cent higher and its market share stood at 14.6 per cent, it said, again citing Canalys numbers.

In contrast, Huawei’s domestic market share fell 43.7 per cent to 22 per cent, with its global performance impacted by US sanctions. Figures reported for the vendor include its Honor division, which it agreed to sell in November 2020.

Xiaomi reported adjusted net profit of CNY3.2 billion ($490.7 million), up 36.7 per cent, while revenue grew 24.8 per cent to CNY70.5 billion.

Overseas sales rose 27.6 per cent to CNY33.8 billion, accounting for 47.9 per cent of total revenue, driven by growth across Europe and India.

Separately, Xiaomi also announced a $205 million deal to acquire a 50 per cent stake in Zimi, the current maker of its branded phone chargers.