Xiaomi has just announced its financial results for 2020, and the numbers are quite impressive. The company experienced a profit increase on a yearly basis. The smartphone shipments rose 17.5% to 146.4 million units. Interestingly, half of the company’s revenue comes from the overseas market. It’s an impressive milestone for Xiaomi, especially in a year where sales and manufacturing were greatly affected by the COVID-19 pandemic.
The Chinese giant claimed to have sold approximately 10 million “premium” smartphones in 2020. The monthly active users of MIUI are now above 400 million. Xiaomi considers premium phones that cost CNY3,000 and above in China, or 300 Euros and beyond in overseas markets. For that reason, we need to take that number with a pinch of salt.
Xiaomi has become the third-largest smartphone maker
Due to that increase in premium phone shipments, Xiaomi gained a place as the third-largest smartphone manufacturer in the world. This comes in a year that wasn’t very favorable for Huawei. The Chinese behemoth was in the verge of becoming the largest smartphone maker in the world, but the US ban changed the future. The Mi company managed to rake most of the demand for phones and increased its domestic shipments by 51.9% year-over-year.
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Interestingly, Xiaomi’s overall revenue was over CNY 245 billion ($37.4 billion), only CNY 152 billion ($23.2 billion) comes from smartphones. The other CNY 93 billion ($14 billion) is from its vast portfolio of other products. Xiaomi has towels, smart speakers, electric bikes, and smart TVs. In the future, the company will be adding electric cars to this portfolio of products.
Xiaomi has now a huge activity in overseas markets thanks to its Mi phones and its sub-brands. The company accounts for Redmi and POCO sales in overseas markets and with a multitude of phones coming under these lineups every quarter we expect the numbers to go even high.
Xiaomi Mi 11 series is coming soon, Mi MIX returns
On March 29, Xiaomi has a big event set to happen where it will unveil the remaining devices composing the Mi 11 family. The company will unveil the Mi 11 Pro, Mi 11 Ultra, and Mi 11 Lite. The brand is also rumored to showcase its new Mi MIX 4 which probably will return as a folding smartphone.
The brand already confirmed the Mi 11 series release in India very soon. Since the company explicitly mentions the “Mi 11 series” in a Tweet post, we’re sure that more than one device will make way to the Indian market.
We’re pretty sure that the company’s upcoming flagships and the first foldable smartphone will help to cater to even more users. The company has enough resources to become the new Huawei.