A Chinese multinational electronics company Xiaomi who makes and invests in smartphones, laptops, home appliances, mobile apps, and other related products had an exceptional 2020 with profits up by 28.7%.
Xiaomi reported their results of 2020 which showed that they sold about 10 million of their premium smartphone and the company’s total revenue was approximately RMB245.9 billion ($37.7 billion), which was up by 19.4% year-on-year. Also, the company saw a profit up by 28.7% year-on-year which was approximately RMB36.8 billion ($5.6 billion).
Image source: Xiaomi
Xiaomi in the fourth quarter of 2020 continued to rank 3rd globally when it came to smartphone shipments and occupying a 12.1% market share of the global market. Global smartphone shipment of Xiaomi increased by 17.5% year-over-year resulting in 146.4 million units in smartphone shipments. Also, among the top five smartphone companies, Xiaomi had the highest year-over-year growth globally.
Similar story: Oppo is the leading smartphone brand in China
Xiaomi also stamped its foot on mainland China as the company saw a 51.9% year-on-year growth in the fourth quarter of 2020 when it came to smartphone shipments. Also, the market share of Xiaomi in China grew to 14.6% in the fourth quarter of 2020 from 9.2% compared to the fourth quarter of 2019. In the report, Xiaomi also stated that the Redmi Note 9 series was well received in the market as the company sold more than 30 million units of the Redmi Note 9 series from its debut in March of 2020 to December 31 of 2020.
When it comes to the growth of the Chinese smartphone companies you can always point out the downfall of Huawei’s business as Huawei used to capture a significant market share. With all the drama of Huawei’s US trade ban, the company has seen a downfall in the Chinese market share as well. It will be interesting to see how and will Xiaomi capitalize on the opportunity that they have in front of them.
Do you think Xiaomi will continue to grow?? Let us know your thoughts down in the comment section.
You may also like: Poco F3 launched but its rebranded Redmi K40
