Chinese technology company Xiaomi has more than doubled its revenue in 2014. The Beijing-based firm made 74.2 billion yuan ($11.97 billion) in pre-tax sales in 2014, up 135% from 2013.
Chinese technology company Xiaomi has more than doubled its revenue in 2014. Last week, the firm was named the world’s most valuable tech startup. Xiaomi managed to receive $1.1 billion in its latest round of funding, which gives the firm a valuation of $45 billion, which has now officially surpassed Uber, which previously held the title and has a $40 billion value.
Now the third largest smartphone maker in the world, Xiaomi is behind only Samsung and Apple. It sold 61 million phones in 2014, a 227% increase from 2013, where they sold 20 million.
The Beijing-based firm made 74.2 billion yuan ($11.97 billion) in pre-tax sales in 2014, up 135% from 2013.
The firm, which launched in April 2010, has taken China by storm. With its “business model of producing cheap smartphones, the fast-growing firm overtook global market leader Samsung in sales last year in the world’s largest smartphone market, China”, according to the BBC.
"The fast-growing firm overtook global market leader Samsung in sales last year in the world’s largest smartphone market, China”.
Chief executive Lei Jun does not expect more growth in the Chinese market however, and has since made plans to ease marketing in the China, and instead turns his eyes abroad. The latest flagship will be revealed later this January.
"We have successfully entered seven markets outside mainland China. In India, we sold over 1 million smartphones in less than five months”, said Mr. Lei, as quoted by the BBC. He seems to be overlooking the intellectual property charges Xiaomi faces in India, where the brand has been temporarily banned following a patent complaint against it from Swedish firm Ericsson.
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