Xiaomi's smartphone business grew massively last year, especially in Europe
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Xiaomi Mi Mix 3
As a whole, Xiaomi reported revenues of 174.9 billion yuan ($26.13 billion) for the entire year, representing strong year-over-year growth of 41.3%. Even more impressive was the company’s profit for the period, which grew a whopping 59.5% year-on-year to 8.5 billion yuan ($1.27 billion).
China was once again Xiaomi’s biggest market, accounting for a whopping 60% of all sales. However, the brand’s international expansion is going quite well. Sales outside of China surged 118.1%, with India and Indonesia proving to be big markets for the company. Xiaomi also experienced extremely strong growth in Western Europe, where its sales increased 415.2% over the previous year.
In addition to smartphones, Xiaomi’s other businesses also continued to grow throughout last year, with its IoT and lifestyle products generating a considerable 43.8 billion yuan ($6.53 billion) in revenue.
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