Xiaomi advances to 338th on Fortune Global 500

FPJ Web DeskUpdated: Monday, August 02, 2021, 08:19 PM IST
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In 2021, Xiaomi remains a strong momentum of rapid growth, showing explosive increase in terms of revenue and net profit, which has far exceeded the market expectations | CHINMAY

Xiaomi has been included on the Fortune Global 500 list for the third consecutive year, rising to 338th in 2021, representing a significant advance of 84 places compared to its ranking of 422nd in 2020. Its 2021 ranking makes it the fastest growing company in the Internet and Retail Category on the Fortune Global 500 list of the year.

“Compared to our past achievements, I'm more focused on our potential growth. Xiaomi is still a very young yet ambitious company, full of motivation. I'd like to sincerely thank our Xiaomi Fans around the world as your unwavering support has helped make Xiaomi so lively and energetic. I think that this is not the limit for Xiaomi, and I am confident that people will see an even stronger, more powerful Xiaomi in the future, and we will achieve a much more outstanding record in the Fortune Global 500 list next year,” said Lei Jun, Founder, Chairman and CEO of Xiaomi, in a press release.

According to Xiaomi's earnings report, Xiaomi's total revenue amounted to RMB245.9 billion in 2020, making Xiaomi the 338th place on Fortune Global 500 List of 2021. In 2021, Xiaomi remains a strong momentum of rapid growth, showing explosive increase in terms of revenue and net profit, which has far exceeded the market expectations. In the first quarter of 2021, Xiaomi's total revenue for the period amounted to RMB76.9 billion, representing an increase of 54.7 percent year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.

This growth is attributable to Xiaomi's ever-expanding foothold in the high-end smartphone market, its rapid growth in international markets, and the development of the company's new retail business.

Xiaomi's focus on core technologies has been the driving force in creating an enhanced user experience and it has strengthened its position in high-end market segments through its Mi 10 and Mi 11 series. In Q1 of 2021, the global shipments of Xiaomi smartphones priced at RMB 3,000 or above in mainland China and priced at 300 Euros and above in international markets, exceeded 4 million.

Xiaomi's global expansion also propelled its overall growth.

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