Now that the figures are out, Chinese mobile maker Xiaomi Technology Ltd Co. said its pre-sales revenue stands $11.97 billion, an increase of 135% compared to its revenues in 2013, confirmed its CEO Lei Jun.
Just three months ago Xiaomi was declared the third largest mobile maker in the world after Apple and Samsung, surpassing the Huawei, another Chinese firm that held the position for quite some time.
In 2014, Xiaomi sold 61 million phones, registering 227 percent increase over its 2013 sales figures, said Lei on Sina Weibo, a Chinese microblog account. Lei Jun alone owns 77.8% ownership of the company that was set up in 2010.
Xiaomi’s profits soared to 347.5 million yuan ($56.7 million) in net profit in 2013, according to a regulatory filing in November 2013, though the company resorted to a very thin margin of 1.8% with its Redmi budget phones.
The filing was necessitated when Xiaomi bought 1.23 stake in Midea Group worth $200 million. Xiaomi has unleashed a price war all over Asia, where it is selling its budget phones with similar features and technological features similar to its rivals Samsung and Apple phones.
Still, Xiaomi has not entered the huge US market and once its presence is there, the real picture will emerge about the company’s global standing.
As Lei said in his blog that the China’s smartphone market would decline in 2015, Xiaomi is sure to make its entry into the US market this year and also focus on new innovative products.
In December 2014, Xiaomi raised $1.1 billion funding with a valuation of the firm at $45 billion from All-Stars Investment, DST Global, Hopu Investment Management and Yunfeng Capital, besides Singapore sovereign wealth fund GIC.