How Xiaomi sold a record 119mn smartphones thanks to its international expansion

By Laura Mullan
Chinese smartphone maker Xiaomi Corp. just reported a year-on-year jump in fourth-quarter profits, thanks to robust smartphone sales and overseas expans...

Chinese smartphone maker Xiaomi Corp. just reported a year-on-year jump in fourth-quarter profits, thanks to robust smartphone sales and overseas expansion.

The world’s fourth largest smartphone maker reported a net profit of 13.5bn yuan (US$2bn) in 2018, rebounding from its 43.9bn yuan loss ($6.56bn) reported in 2017.

The Beijing-based company also said that it sold a record 118.7mn phones around the world last year.

SEE ALSO:

Xiaomi has done particularly well in the Indian market where it holds a leading position for its smartphone shipments according to market researcher Canalys.

“As we shipped increasingly more smartphones in developed markets, the average selling price (ASP) of our smartphones in international markets also recorded a year-on-year 9.7% growth,” the firm said in a statement.

During the quarter, revenue from Xiaomi’s Internet of Things (IoT) and lifestyle products segment increased by 86.9% to 43.8bn yuan, according to the company.

“We are one of the few companies in the industry that maintained high growth in 2018,” Xiaomi said in its regulatory filing in Hong Kong.

Share

Featured Articles

How Publicis Sapient Helps Your Digital Transformation

Publicis Sapient is a global leader in helping organisations from online banks to leading retail platforms achieve digital business transformation

How Google Cloud is Providing a Launchpad for Women in Tech

We sit down with Erin Rifkin, MD Learning Services and Lee Moore, VP Global Consulting, to discuss how Google Cloud is helping tackle the cloud gender gap

Mendix & Snowflake: Unleashing the Power of Enterprise Data

Mendix and Snowflake's new partnership seamlessly combines low-code application development with the power of the Data Cloud

We’re LIVE! Tech & AI LIVE London 2024

Digital Transformation

Google Identifying Next-Gen of Football Talent Through AI

Cloud Computing

Tech & AI LIVE London – One Day to Go

Digital Transformation