Xiaomi’s revenue jumps 150% to US$5b

Source: Xinhua | January 3, 2014, Friday |

Print Edition

China’s budget smartphone maker Xiaomi shipped 18.7 million units last year and made 31.6 billion yuan (US$5.2 billion) in revenue, a 150-percent surge, chief executive officer Lei Jun said yesterday.

In December, Xiaomi sold nearly 3.23 million smartphones, making a revenue of 5.3 billion yuan, Lei said.

He also said the Beijing manufacturer will ship at least 40 million smartphones in 2014, more than double last year’s.

Founded only in 2010, Xiaomi is the rising star of China’s smartphone market and the company sees its primary task in 2014 as expanding its manufacturing capacity.

In 2013, Xiaomi unveiled a new flagship smartphone Xiaomi3 as well as sub-brand Hongmi, Xiaomi TV and routers.

So far, Xiaomi has set up six warehouses, 18 retail stores and 436 after-sales outlets nationwide, the statement said.

Xiaomi’s smartphones have gained popularity among Chinese customers at a staggering fast pace. In the first month following its setup in 2010, Xiaomi sold about 10,000 smallphones.

In the third quarter of 2013, its sales market share beat Lenovo for the first time to rank second largest in China, next only to Samsung.

Xiaomi’s market share also beat Lenovo’s to rank fifth in that quarter, said an industry report released by consumer insight company Kantar Worldpanel.

“Xiaomi’s success might come from its clever ‘hungry marketing’ gimmicks, but it’s also related to Chinese buyers’ enthusiasm for high spec-low price phones,” said the report.

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