Xiaomi expects revenue of USD 29 billion in 2019

Xiaomi expects revenue of USD 29 billion in 2019

Spending on research and development will be lifted to over 10 billion yuan in 2020, up from about 7 billion yuan in 2019, he said.

Xinhua Updated: Monday, February 17, 2020, 08:17 AM IST
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Beijing: Xiaomi expects higher revenue in 2019 and is betting big on 5G products in 2020, the company announced. The smartphone maker expects a revenue of over 200 billion yuan (about 28.66 billion USD) last year, up from some 175 billion yuan in 2018, Xiaomi, CEO, Lei Jun said.

Spending on research and development will be lifted to over 10 billion yuan in 2020, up from about 7 billion yuan in 2019, he said.

At the press conference, the company's latest flagship smartphones of the Mi 10 series - Mi 10 Pro and Mi 10, was launched.

The online product launch was Xiaomi's innovative step to counter the impact of the novel coronavirus outbreak, which Lei estimated might dampen the smartphone sector in the first quarter of this year, with a strong market rebound expected later.

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