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Xiaomi has exceeded its revenue target for 2017

Xiaomi

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The Chinese technology giant Xiaomi has exceeded its 100 billion CNY (15.8 billion USD) revenue target for 2017 just before the end of the year. In January 2017, the Chief Executive Officer of Xiaomi Lei Jun said the company is aiming to generate annual revenue of 100 billion CNY, which was met pretty easy.
“Yes, we have achieved our goal successfully in October-November,” said the Senior Vice President and Head of International Business at Xiaomi, Wang Xiang.
The company does not disclose how much the revenue last year or what the target is for 2018.
“We can generate far more than 100 billion yuan in 2018”, added Wang Xiang.
Last year was the first in the history of the company, in which it has earned 100 billion CNY revenue, and has been able to turn its business back after the problems of 2016.
Xiaomi is often called the “Chinese Apple”. It started out as a manufacturer of smartphones, selling devices with very good specifications at lower prices than its competitors. But in 2016, the company faced tremendous competition from cheaper offers from competitors like Oppo and Vivo.
In a letter to employees in early 2017, Chief Executive Officer even admitted that the company had grown “too fast”. But he also said the company had made “significant adjustments” so its business would grow in the future. These solutions seem to have repaid.
Xiaomi was the fourth smartphone manufacturer in market share in the fourth quarter of 2017, and even increased sales of its devices while the whole market shrank for the first time in history.
In recent years, the giant, estimated at about 46 billion USD, has expanded its footprint outside China. On Saturday, the company opened its third physical store in Spain to try to promote its presence in Western Europe.