Xiaomi’s Annual Revenue up 17.7 Percent Year-on-Year

  • The major part of Xiaomi’s revenue, came through the smartphone business
  • Company’s global TV shipments reached reached 12.8 million units
  • As of December 31, 2019, the number of connected IoT devices on Xiaomi’s IoT platform reached 234.8 million units

Xiaomi Corporation (Xiaomi) has announced its audited consolidated results for the year ended 31 December 2019. The company’s total revenue exceeded RMB 200 billion for the first time, reaching RMB205.8 billion, up 17.7 per cent year-on-year (YoY), representing a nine-year CAGR of 112 per cent. Adjusted net profit, as Xiaomi informed, was RMB 11.5 billion, up 34.8 per cent YoY.

“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,” noted Xiaomi founder, chairman and CEO Lei Jun.

(File Photo) Manu Kumar Jain and Lei Jun with Xiaomi Smartphone Vending Machine (Source -Twitter)

Smartphone business major contributor

The major part of Xiaomi’s revenues in 2019, came through its smartphone business. It is to be noted here that Xiaomi and Redmi were separated into two standalone brands during January 2019.

Xiaomi’s revenue of the smartphones segment reached RMB 122.1 billion, up 7.3 per cent year-over-year. In the fourth quarter of 2019, revenue of the smartphones segment was RMB 30.8 billion, an increase of 22.8 per cent year-over-year.

In 2019, Xiaomi shipped 124.6 million units of smartphones while in the fourth quarter, shipments were approximately 32.6 million, up 30.5 per cent year-over-year.

The company said that its dual-brand smartphone strategy has made solid progress during the year. In 2019, the average selling price of Xiaomi’s smartphones increased by 2.2 per cent year-over-year and the gross margin of the smartphone segment increased to 7.2 per cent from 6.2 per cent in 2018. The global TV shipments reached 12.8 million units, up 51.9 per cent year-over-year.

“In 2020, Xiaomi will continue to focus on 5G smartphones development and strengthen its presence in the premium smartphones segment, which will lead to further ASP expansion,” read Xiaomi’s official statement.

Half of total revenue from overseas markets

In 2019, Xiaomi’s revenue from overseas markets was RM B91.2 billion, up 30.4 per cent year-over-year. In the fourth quarter of 2019, overseas revenue grew 40.7 per cent year-over-year to RMB 26.4 billion, accounting for 46.8 per cent of total revenue.

Currently, Xiaomi products are present in more than 90 countries and regions around the world. According to Canalys, Xiaomi’s smartphone shipments ranked top five in 45 countries and regions in 2019.

“We also celebrated several key milestones, ranging from the successful launch of our dual-brand strategy as Xiaomi and Redmi are spun-off and independently operated, the affirmation of ‘5G+AIoT’ as our strategic roadmap, to our inaugural entries into the prestigious ranks of the Fortune Global 500 and BrandZ’s Top 100 Most Valuable Global Brands,” added Lei Jun.