BEIJING, March 24 (Reuters) - China's Xiaomi Corp 1810.HK reported a 23.7% drop in fourth-quarter profit on Tuesday as the company continued to invest heavily in its electric vehicle business.

Adjusted net profit for the quarter ended December 31 fell to 6.3 billion yuan ($914.45 million), compared with the average analyst estimate of 5.7 billion yuan, according to LSEG data.

Xiaomi, which also makes smartphones and home appliances, said fourth-quarter revenue came in at 116.9 billion yuan. That was slightly above the average estimate of 116.2 billion yuan.

($1 = 6.8894 Chinese yuan renminbi)

(Reporting by Qiaoyi Li, Che Pan and Laurie Chen; Editing by Susan Fenton)

((qiaoyi.li@thomsonreuters.com;))