(Yicai Global) March 25 -- Shares of Xiaomi plunged after the Chinese handset maker reported a lower-than-expected revenue increase in the fourth quarter of 2020 amid the global chip shortage.

Xiaomi's stock price [HKG:1810] slumped as much as 8.8 percent to HKD22.80 (USD2.90) this morning. However, the shares have more than doubled in value over the past 12 months.

The tech firm's revenue rose by 24.8 percent to CNY70.5 billion (USD10.8 billion) in the three months ended Dec. 31 from a year ago, the Beijing-based company said in its earnings report yesterday released after the Hong Kong market closed.

The firm's adjusted net profit grew 36.7 percent to CNY3.2 billion (USD489.8 million).

Xiaomi was looking to appease its investors amid the sector's chip crisis. Smartphone production will be fine in the first two quarters of 2021 as Xiaomi is working with its core suppliers around the clock to optimize its supply chain and to improve its production efficiency, said President Wang Xiang.

In the 12 months of 2020, Xiaomi's revenue increased by 19.4 percent to CNY245.9 billion (USD37.6 billion) from a year ago, boosted by growth in smartphone shipments and prices. Adjusted net profit rose 12.8 percent to CNY12 billion.

Revenues from overseas markets gained by 34.1 percent to CNY122.4 billion, making up almost half of the total.

Internet services was a fast-growing segment. Such revenue climbed by 19.7 percent to CNY23.8 billion in 2020. By last December, Xiaomi's interface MIUI had 396 million monthly active users around the world, rising by 28 percent.

The company announced five personnel changes. One of them is the departure of Chew Shou Zi, Xiaomi's senior vice president and the president of the international department, who will join ByteDance as the TikTok-owner's chief financial officer.

"I am able to base myself in my home country, Singapore, again after leaving the country 18 years ago," Chew said on his Weibo yesterday.

Editors: Zhang Yushuo, Emmi Laine, Xiao Yi