BEIJING - Chinese tech giant Xiaomi announced Tuesday that its 2019 revenue totaled 205.8 billion yuan ($29 billion), which exceeded market estimates.

The reading marked a 17.7-percent increase year-on-year as the firm bet big on artificial intelligence and the Internet of Things (IoT).

The Beijing-based smartphone maker said its adjusted net profit last year reached 11.5 billion yuan, up 34.8 percent year-on-year.

Xiaomi's Q4 revenue jumped 27.1 percent year-on-year to 56.47 billion yuan, with the adjusted net profits up 26.5 percent to 21.34 billion yuan, the company said in its latest statement.

Revenue from the sub-sector of IoT and lifestyle products surged 41.7 percent to 62.1 billion yuan, according to the company.

The smartphone sector in 2019 generated revenue of 122.1 billion yuan for the company, up 7.3 percent from the previous year, with smartphone sales of 124.6 million units.

Last year, the company also continued to expand its global footprint, with its international revenue up 30.4 percent to 91.2 billion yuan, accounting for 44.3 percent of its total earnings.

Wang Xiang, president of Xiaomi, attributed the strong performance to increased R&D investment and effective branding strategy.

By the end of 2019, Xiaomi's accumulative R&D expenses rose 29.7 percent year-on-year to 7.5 billion yuan, said Wang, and the company entered the high-end market by launching its latest flagship smartphones of the Mi 10 series, which received a strong market response.

As all industries are facing challenges amid the global fight against the COVID-19 pandemic, Xiaomi will make great efforts to pursue efficiency, said Lei Jun, founder and CEO of Xiaomi.

Most work and production has resumed at Xiaomi, with capacity being back at 90 percent of its normal level, the company said.