Massive feat for Xiaomi! Youngest company on Fortune Global 500 list for 2019; reports $26,443.50 million revenue
Xiaomi has added another feather to its cap on Monday by becoming the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal year. This is also the first time when Xiaomi Corporation has made the Fortune Global 500 list, nine years after its iteration.
Xiaomi has added another feather to its cap on Monday by becoming the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal year. This is also the first time when Xiaomi Corporation has made the Fortune Global 500 list, nine years after its iteration. The Beijing-based global technology leader ranks 7th in the Internet Services and Retailing category. The company was founded in April 2010 with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core. Earlier this year in June, it was named to Fortune’s China 500 list for the first time, ranking 53rd.
"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," said Lei Jun, Founder, Chairman and CEO of Xiaomi. He added that the company has managed significant improvements and adjustments in core strategies, management structures, technology research and development systems, product lineups, brand developments, among other things. Jun believes that 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," he said.
The company reached RMB10,000 million (approx $1,453.72 million) threshold in sales revenue in 2012, and RMB100,000 million (approx $14,537.21 million) in 2017. The company has taken giant steps in the Indian market as well and recently completed five years in the country. It has recently launched its first flagship smartphone - the Redmi K20 Pro in India as well.
Currently, the company is present in over 80 markets globally. According to international market research organization Canalys, as of March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of shipment, and also remained India’s biggest smartphone brand for seven consecutive quarters, with a market share of 31.4 percent.
According to international market research organization IDC, as of March 2019, Xiaomi had become the world’s 4th smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 percent. The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware, and thus built the world’s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.