Xiaomi reported record revenue for 2019

The Chinese corporation Xiaomi presented data on its activities in the last quarter of 2019 and for the entire last year. The company’s total revenue last year amounted to a record 205.84 billion yuan (approximately $ 29 billion), which is 17.7% more than a year earlier. About half of the revenue came from the sale of smartphones (122.1 billion yuan, or about $ 17.1 billion). The company’s net profit was 11.53 billion yuan (approximately $ 1.62 billion), which is 34.8% higher than in 2018.

The indicators of 2019, of course, do not reflect in any way the impact of the global pandemic of the coronavirus COVID-19 (at the end of 2019 it was just beginning). Nevertheless, presenting the results of the activities, the founder and CEO of the company, Lei Zun, stated that the company intends to invest 50 billion yuan (approximately $ 7 billion) in innovative technological research.

The company was founded in 2010 and entered the Hong Kong Stock Exchange in 2018. According to Canalys, in the fourth quarter of last year, the company ranked third in Russia in the smartphone market. According to the results of the whole last year, the company occupied the fourth place in the world.

Andrey Kelekeyev

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