Solid sales push Xiaomi’s revenue up 135% in 2014
Print Edition
XIAOMI Corp posted a 135-percent surge in revenue in 2014 as the company sold more smartphones with powerful features at reasonable prices.
Revenue for Xiaomi, which released its new generation budget model Redmi yesterday, totaled 74.3 billion yuan (US$12 billion) last year.
The Beijing-based handset maker sold 61.1 million units last year, a 227 percent jump year on year, beating its annual target of 60 million units, Lei Jun, Xiaomi’s chairman, said on his Weibo account.
After it raised US$1.1 billion in funding in December, privately owned Xiaomi is said to be valued at about US$45 billion, 200 times higher from its first round of financing in 2010. The figure beat the US$40 billion value of taxi booking app Uber.
In 2015, Xiaomi expects to sell 100 million phones after expanding into India, Singapore, Malaysia, Indonesia and the Philippines, Lei said previously.
But its sales in India were temporarily halted after Sweden’s Ericsson filed a patent complaint against it.
Other information technology giants also reported unaudited 2014 results.
Huawei Technologies, China’s biggest telecommunications equipment maker, estimated a revenue of US$46 billion last year, up 15 percent year on year. Letv.com, the Shenzhen-listed Internet video firm, also predicted a revenue of 23 billion yuan in 2015, said Jia Yueting, chief executive of Letv.
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