Xiaomi announced better-than-expected revenues for the fourth quarter of 2023, bolstered by strong smartphone sales in a sector showing signs of recovery.

Specifically, the Chinese technology company reported a 10.9% increase in its October-December revenues, reaching 73.24 billion yuan ($10.17 billion), compared to the 73.17 billion yuan average estimate by analysts at LSEG.

The company's adjusted net profits soared by 236.1% compared to the same period in the previous year, totaling 4.9 billion yuan, also surpassing forecasts that predicted 3.89 billion yuan.

These results have given Xiaomi a boost just before the company takes on the significant challenge of entering the Chinese electric vehicle market—a multi-billion dollar investment expected to drive a further 4% increase in its revenues.