Xiaomi Recorded Major Increase in Revenue During 2020 - Android

Earlier today, Xiaomi announced its financial results for the year 2020 revealing that the company’s smartphone shipments rose 17.5% to… Read More

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Earlier today, Xiaomi announced its financial results for the year 2020 revealing that the company’s smartphone shipments rose 17.5% to 146.4 million units. Its profit also increased on a yearly basis and now, half the company’s revenue comes from the overseas market.

The company claims that it has approximately sold 10 million “premium” smartphones in 2020, and the monthly active users of MIUI are now above 400 million. However, note that Xiaomi terms all the phones costing more than €300 premium.

As a result of the stellar shipments and the increased profit, the Chinese smartphone OEM has now crawled up to the third-largest smartphone manufacturers in the world. The year has not exactly been favorable for Huawei. Thus, Xiaomi has managed to rake most of the demand for phones and increased its domestic shipments by 51.9% year-over-year.

The reports further revealed that out of the $37.4 billion revenue only 62 percent, which translates to $23.2 billion, was from the smartphone sector. The rest of the 38 percent, i.e., $14 billion is from other product lineups. This mostly includes wearables, Mijia smart products, smart TVs, and laptops. Xiaomi has been working on building its smart home ecosystem for a while now and the company is finally gaining recognition in the global market.

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