As we all know, a lot of tech companies are struggling with sales in the ongoing coronavirus pandemic. Digitimes reports that Xiaomi is going to be affected as well, despite the strong increase in revenue that the China-based company experienced last year.
In 2019, Xiaomi reported a revenue growth by 17.7%, reaching $28.2 billion in earnings, while its net profit increased by 35% and reached $1.62 billion.
As we can see on the following graph from market research firm Canalys, Xiaomi’s sales of smartphones experienced the biggest annual growth in the last quarter of 2019, reaching an increase of 23%, compared to 2018.
According to the company, it was able to ship over 100 million smartphones and additionally over 230 million IoT devices. However, the company’s net profit was six times lower than what its rival Huawei made for the same year.
Unfortunately for Xiaomi, despite the recent launch of Mi 10 and Mi 10 Pro 5G smartphones, the company sees a decrease in revenue, most likely connected to the ongoing public health situation. Additionally, there’s the increasing competitiveness in its home market, where Xiaomi is competing against Huawei, Oppo and Vivo.
On the international market, Xiaomi’s smartphone shipments are seriously affected by the pandemic, despite last year’s 60% increase of shipments for the European market.
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Izzy, a tech enthusiast and a key part of the PhoneArena team, specializes in delivering the latest mobile tech news and finding the best tech deals. Her interests extend to cybersecurity, phone design innovations, and camera capabilities. Outside her professional life, Izzy, a literature master's degree holder, enjoys reading, painting, and learning languages. She's also a personal growth advocate, believing in the power of experience and gratitude. Whether it's walking her Chihuahua or singing her heart out, Izzy embraces life with passion and curiosity.
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