The increase comes as Huawei slowly retreats from the smartphone market amid US sanctions on the company
Xiaomi has benefited from Huawei’s woes, as the vendor’s revenue jumped 24.8 per cent year-on-year for the final quarter of 2020.
The vendor’s adjusted net profit for the quarter ending on December 31 rose to £357.88 million, a rise of 36.7 per cent.
The performance placed Xiaomi as the third biggest smartphone vendor during the last quarter, with Canalys estimating its market share at 12.1 per cent.
According to the company during its latest earnings call, Xiaomi shipped 42.3 million smartphones in the previous quarter.
This was in part down to strong growth in its home Chinese market, where it grew market share by 51.9 per cent at the expense of Huawei, which fell by 43.7pc.
Overseas sales also jumped 27.6pc in the quarter, driven by growth in Europe and India.