Lei Jun has revealed at the press conference of the State Council Information Office today that Xiaomi’s overseas revenue in the third quarter of this year increased by 112.7% year-on-year, accounting for 43.9% of total revenue.
Yesterday, Xiaomi Group announced its third-quarter earnings report for 2018. The data shows that its revenue was 50.8 billion yuan ($7.32 billion), up 49.1% year-on-year. Besides the overseas revenue surged 112.7% year-on-year and accounting for 43.9% of total revenue, the Internet service revenue surged 85.5% year-on-year, the Mi TV sales increased by 198.5%, the LoT and consumer products’ revenue exceeded last year’s number, etc.
This brand has promoted its own products to the international market and has become a popular brand in many countries. Since November 2017, Xiaomi has officially landed in the European market after experiencing the sweetness of India. The first stores were opened in Spain and later in France and Italy. Yesterday, the first store was opened in the UK as well. Thus, we can state Europe has become an important market for Xiaomi’s globalization strategy.
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Lei Jun said, ‘Xiaomi has been in business for 8 years, and the progress of internationalization has exceeded its own imagination.’ He also revealed that Xiaomi has gone overseas and entered more than 80 countries and regions. Moreover, it entered the top 5 in 30 markets, bringing various products, technology, management, and funding to those markets.
He also added, ‘The further development of Chinese enterprises will not only make Chinese brands world-renowned but also the technical cooperation will bring a lot of benefits to the local economic development and the improvement of people’s lives, and achieve a win-win situation.’
At the same time, Xiaomi CFO, Zhou Guangping said that the US market is a big market and a very important market. At present, Xiaomi has been paying attention and is actively preparing for entering there.