Xiaomi posts stellar 2020 annual results as it sold 10M premium smartphones

Xiaomi has announced its financial results for 2020, and the numbers look absolutely stellar. Profit increased on a yearly basis, while smartphone shipments rose 17.5% to 146.4 million units. Also half the company’s revenue now comes from the overseas market.

Xiaomi claimed to have sold approximately 10 million “premium” smartphones in 2020, while the monthly active users of MIUI are now above 400 million. Xiaomi considers premium phones that costs CNY3,000 and above in China, or €300 and beyond overseas, so take that number with a pinch of salt.

Snippets from Xiaomi's annual report on Twitter

Due to the increase in phone shipments, Xiaomi managed to climb up to the third largest smartphone manufacturers in the world. Since the year hasn’t been favorable to Huawei, the Mi company managed to rake most of the demand for phones and increased its domestic shipments by 51.9% year-over-year.

More takeaways from Xiaomi's report

One interesting takeaway from Xiaomi’s financial report is while the overall revenue was over CNY245 billion ($37.4 billion), only CNY152 billion/$23.2 billion (about 62%) was from smartphones, the other CNY93 billion/$14 billion is from its vast portfolio of other products ranging from towels to smart TVs.

Source