Chinese smartphone manufacturer Xiaomi is growing rapidly. In a very short time, they managed to get into the world's TOP 5 smartphone brands, where they took a beautiful 4th place. Behind this success is a massive increase in sales in Europe.
All in plus numbers
The company published its financial results for 2018. Xiaomi reported for the full year sales of $ 26,13 billion, which represents a significant year-on-year increase of 41,3%. Even more impressive is the company's profit for this period, which increased by 59,5% year on year, to 1,27 billion. US dollars.
The primary source of this growth is the company's smartphone business. In addition to the increase in the average sales price of its equipment, the total volume of shipments increased to 118,7 million devices.
In 2018, the European market grew in particular
China was again Xiaomi's largest market, accounting for up to 60% of all sales. The company has also achieved great success in international expansion. Sales outside China increased by 118,1%, with India and Indonesia emerging as other large markets.
Xiaomi also noted exceptionally strong growth in Western Europe, where its sales increased compared to the previous year by a massive 415,2%. Just last year, it was crucial in the brand's expansion into European markets. Slovakia and the Czech Republic have been added to the company's "market" list, and we have even seen several official brick-and-mortar stores.
IoT and lifestyle products have also generated significant revenues. In total, the manufacturer earned $ 6,53 billion. Xiaomi has high expectations from the newly formed Redmi brand, which only recently presented its new strategy.
In addition to affordable smartphones, they will focus on products of all kinds that everyone can afford. They were the first to introduce wireless headphones Redmi AirDots and the affordable Redmi 1A washing machine.
What Xiaomi products do you own?