The Strategist

Xiaomi's revenue grows by 20% in 2020

03/25/2021 - 03:03

The Chinese technology company reported fourth-quarter and full-year earnings for 2020.

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Last year, the company's revenue rose 19.4 percent to 245.9 billion yuan ($37.7 billion). Adjusted net income for the period rose 12.8% to ¥13 billion ($2 billion). Growth was even stronger in the fourth quarter, with revenues up 24.8 percent and adjusted net income up 36.7 percent.

Xiaomi had a good last year as it finished the it being the third biggest smartphone seller, with an 11.2% global share, ahead of another Chinese company, Huawei, and behind only Samsung and Apple. 

The reason for this was both Huawei's problems, with sales of smartphones outside China falling due to US sanctions and other measures against it, and Xiaomi's own sales growth - it sold 32% more smartphones in 2020 than in 2019. Sales growth outside China has been particularly strong, with the company's overseas profits up 27.6% for the year.

Last week, a US court upheld Xiaomi in a dispute with the US Department of Defense, which wanted to blacklist it as a company linked to the Chinese military.