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Companies

Xiaomi calls on home AI devices for post-smartphone growth

As earnings top estimates, CEO says company 'can be pioneer' in segment

Xiaomi is looking to smart devices like its Mi AI speaker as a new growth driver. (Photo courtesy of Xiaomi)

HONG KONG -- Xiaomi, the world's fourth-largest smartphone company, has positioned home devices powered by artificial intelligence as its second engine of growth to navigate a slowing global phone market.

Xiaomi beat market expectations on Tuesday when it reported a net profit of 1.9 billion yuan ($283 million) for the fourth quarter of 2018. Analysts surveyed by Reuters had forecast 1.7 billion yuan.

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