Home Mobiles Xiaomi grabs a spot on the Fortune Global 500 List: Key details

Xiaomi grabs a spot on the Fortune Global 500 List: Key details

Xiaomi ranks 468th on the Fortune Global 500 list.

It’s a big day for Xiaomi. The Chinese technology brand has today announced that it has, for the first time, made it to the Fortune Global 500 List. The company has achieved this milestone after nine years of its iteration. It is worth mentioning that Xiaomi is the youngest company on the Fortune Global 500 list for 2019 and it ranks 468th. In the previous fiscal year, the company had a revenue of $26,443.50 million and a net profit of $2,049.10 million. Xiaomi ranks 7th in the Internet Services and Retailing category

Speaking about the milestone, Xiaomi’s CEO and Chairman, Lei Jun said, “It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey.”

He further added, “Over the past year, we have made significant improvements and adjustments in our core strategies, management structures, technology research and development systems, product lineups, brand developments, and much more. These moves have empowered Xiaomi to continuously shine, even in the face of fierce competition from domestic and international peers. This honor does not mark the end of our pursuit, but simply a new beginning. We remain committed to making amazing and highly innovative products at honest prices, as our philosophy states, in an effort to let our Mi Fans, users and investors enjoy a better life.”

The Chinese brand reached RMB10,000 million (approximately US$1,453.72 million) threshold in terms of sales revenue in 2012. By 2017, it rose to RMB100,000 million (approximately US$14,537.21 million).

According to IDC, as of March 2019, Xiaomi had become the world’s 4th smartphone brand in terms of shipment sales volume, and the company also registered a year-on-year growth of 32.2% in the same year.

Xiaomi phone

In the last 9 years, the company has expanded its presence in over 80 markets worldwide. According to a report in Canalys, in March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of shipment. In the budget segment of the Indian smartphone market, it has remained on the top slot for the last seven consecutive quarters and enjoys a market share of 31.4%.

In Western Europe, where it officially entered the market less than two years back, the company says that it ranks 4th in terms of smartphone shipments.

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