Xiaomi's 2018 earnings surge on robust smartphone sales

China's Xiaomi Corporation saw its adjusted profit for 2018 surged by 59.5 percent to RMB 8.6 billion (about PHP67.52 billion) boosted by its core business.

Xiaomi Founder Lei Jun, Photo credit: Vulcan Post

In a recent Facebook post, the company said it improved its financial results in 2018 with its revenues also grew by 52.6 percent to RMB 174.9 billion amid strong performance in international markets, which posted RMB 70 billion in revenues or a 118.1 percent increase year-on-year.

Xiaomi's smartphone business continued to gain traction, posting 41.3 percent growth to RMB 113.8 billion, despite the decline in sales witnessed by the market in 2018.

2018 was an incredible year with many big milestones, Xiaomi said. 

While global smartphone shipments fell by 4.1 percent year-on-year, the firm's shipments climbed by 30 percent to 119 million units.

Proving its strengthened presence in the sector, Xiaomi grabbed the number one and top two in smartphone shipments in India and Indonesia, respectively, last year. Meanwhile, smartphone shipments for Western European markets soared 415.2 percent year-on-year.

Xiaomi's internet services, on the other hand, also grew by 61.2 percent in revenues to RMB 16 billion.

Its revenues from Intelligence of Things and lifestyle products also posted growth, ending 2018 with RMB 43.8 billion or 87 percent growth from a year prior.

The Chinese company's smart TV global shipments realized more than twofold growth, hitting 8.4 million units.

Could 2019 be even bigger for Xiaomi? Let's see!

Source: Xiaomi