Xiaomi, the disruptive Chinese phone maker that sold 18.7 million phones in 2013, has revealed inadvertently how much profit and revenue it pulled in last year.
Xiaomi generated RMB 347.48 million (US$56.15 million) in profit in 2013 from RMB 26.58 billion (US$4.3 billion) in revenue. The numbers emerged from documents filed by Xiaomi in relation to its US$200 million stake in Midea, which happened over the weekend. The figures were spotted by Reuters. (UPDATE: A Xiaomi representative points out that, while the filing is accurate, these figures are for Xiaomi Inc and therefore do “not cover the entirety of Xiaomi’s business.”)
Although Xiaomi is outselling Apple’s iPhone in China, its revenues and profits from its home market are small in comparison. Apple made US$27.3 billion in the greater China area (China and Taiwan) in January to December 2013 – six times greater than Xiaomi’s tally in the same period.
Sales growth
But Xiaomi’s financials for 2014 should be stronger with an anticipated 60 million smartphone sales and a broader range of gadgets now for sale, such as the newest offering – a smart air purifier for China’s smoggy cities.
The filings also show that Xiaomi founder and CEO Lei Jun retains 77.8 percent ownership.
The official but unaudited figures from Xiaomi are very different from the numbers obtained by the WSJ from a confidential document last month, which indicated that Xiaomi made US$566 million in profit last year.
See: OnePlus One arrives in India, ready to battle Xiaomi and Micromax
(Source: Reuters)
Editing by Josh Horwitz
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