Yesterday, Xiaomi Group released the financial report for 2018. The total annual revenue reached 174.9 billion yuan ($26.13 billion), and the net profit reached 13.6 billion yuan ($2.03 billion). The company’s adjusted net profit for the year was 8.55 billion yuan ($1.28 billion), a year-on-year increase of 59.5%, and the market expectation was 8.25 billion yuan ($1.23 billion). During the reporting period, the company achieved a year-on-year growth of 52.6% and an adjusted profit of 8.6 billion yuan. The total revenue was in line with expectations, and the net profit exceeded market expectations.
This morning, Xiaomi CEO Lei Jun introduced the Xiaomi Group’s 2018 annual report to investors and analysts at the Four Seasons Hotel in Hong Kong. It introduced the smartphone models that Xiaomi has released in 2019, including high-end, mid-range and entry-level models.
In addition, at the Xiaomi 2018 performance conference, Lu Weibing also introduced the performance of Redmi smartphones. The first smartphone from this independent brand was the Redmi Note 7, released on January 10. Its shipments in China exceeded 1 million units in one month after the release. But what’s more interesting, Lu Weibing announced that its global shipments are expected to exceed 4 million units at the end of March.
Yesterday, Xiaomi Company announced that Redmi Note 7 has been on sale again and no longer plans to go out of stock.
Also, during the reporting period, Xiaomi’s smartphone revenue was 113.8 billion yuan ($16.95 billion), a year-on-year increase of 41.3%. According to IDC statistics, global smartphone shipments fell 4.1% year-on-year. But during the reporting period, Xiaomi’s smartphone shipments reached 119 million units, a year-on-year increase of 29.8%.