The Chinese tech giant Xiaomi has seen unprecedented growth in the last few years mainly due to its quality tech products at an affordable range. Lately, the company has released its financial report for the Q1 of 2021, registering double net profits and an improved market share.
According to the financial report, Xiaomi managed to acquire a total revenue of CNY 76.9 billion, witnessing an increase of 54.7% as compared to the same period in 2020. The adjacent net profit also rose to CNY 6.1 billion, which is a staggering 163.8% increase as compared to the previous year.
Xiaomi’s Market Share & Profit Soars in Q1 of 2021
Smartphones remain the cornerstone of the company. however, the company rose in other domains as well. The company shipped 49.4 million units that accounted for 51.5 billion of the revenue. Out of these units, nearly 4 million of the smartphones cost CNY 3,000/€300 or more. In addition to that, the overall profit margin on smartphones was 12.9%.
Now if we talk about the MI User Interface (MIUI), the Android skin now has 425 million monthly active users (MAU) around the globe, while comparing it with the 331 million active users last year. The total active number of users rose nearly by one-third.
According to a Canalys report, Xiaomi is the third-largest smartphone brand in the world. The company is also rising rapidly in its local market with 118.6 million monthly active users for MIUI and a 14.6% share of the smartphone market that earned it the fourth position.
Xiaomi’s overseas revenue grew by 50.6% to CNY 37.4 billion. Right now, it is the largest smartphone brand in twelve countries and in the top five in 62 countries worldwide.
Now moving on to the company’s smart gadgets and Internet services, there are 351.1 million smart devices connected to Xiaomi’s AIoT platform apart from smartphones and laptops. Its AI Assistant has 93.0 million monthly active users while the Mi Home app has reached 49.2 million monthly active users.