Canindia News

Xiaomi logs robust growth in 2019 despite downturn

Hong Kong, March 31 (IANS) Chinese conglomerate Xiaomi on Tuesday announced that its total revenue for 2019 exceeded 200 billion Chinese Yuan for the first time, reaching 205.8 billion Chinese Yuan, up 17.7 per cent year-on-year.

Its adjusted net profit was 11.5 billion Chinese Yuan, up 34.8 per cent YoY for the calendar year that ended December 31.

In the fourth quarter of 2019, Xiaomi’s total revenue grew by 27.1 per cent to 56.5 billion Chinese Yuan.

“Despite headwinds from the Sino-US trade war and global economic downturn, Xiaomi stood out in 2019 with a commendable set of results as our revenue exceeded RMB 200 billion for the first time,” said Lei Jun, Xiaomi Founder, Chairman and CEO.

In 2019, Xiaomi’s revenues of the smartphones segment reached RMB 122.1 billion, up 7.3 per cent YoY.

In the fourth quarter of 2019, the revenues of the smartphones segment was RMB 30.8 billion, an increase of 22.8 per cent YoY.

For 2019, Xiaomi shipped 124.6 million units of smartphones while in the fourth quarter, its shipments were approximately 32.6 million.

In 2019, Xiaomi’s revenues of the IoT and lifestyle products segment were RMB 62.1 billion, an increase of 41.7 per cent YoY.

The annual Xiaomi smart TVs shipments in mainland China exceeded 10 million units.

Xiaomi also ranked first in India in terms of smart TV shipments for seven consecutive quarters as of the fourth quarter of 2019, according to IDC.



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