Xiaomi’s Q1 2021 Financial Report have exceeded market expectations!

Xiaomi has announced their first quarterly financial report this Q1 2021. The results are exceeding expectations. Xiaomi’s total revenue have increased to CNY 76.9 billion which, translated to YoY percentage, accounts for 54.7% while the profit has been reported to be CNY 6.1 billion, which accounts for 163.8% based on YoY percentage.

In terms of smartphone sales and shipments, Xiaomi accumulated CNY 51.5 billion, in terms of YoY, that’s 69.8%! Xiaomi has also shipped around 50 million units during those first three months alone, which is a staggering and exceptional feat even for a company as large as Xiaomi.

Canalys have reported that Xiaomi remained third in terms of global smartphone sales. They are behind Samsung and Apple respectively. Interestingly, the top 3 and below are all Chinese, and only two of them are from South Korea and the USA respectively.

In terms of AIoT devices, Xiaomi accounted for CNY 18.2 billion, which is a revenue growth of 40.5% on a YoY basis. In addition, Xiaomi enjoyed a 29% market share for Smart TV sales.

Xiaomi remained no. 1 in 12 regions in the world, and was also subsequently ranked among the top 5 manufacturers for the first quarter, according to Canalys. The company enjoyed an increased overseas market revenue of 50.6% on a year-on-year basis, which translates to CNY 37.4 billion.

The company is growing steadily and will continue to grow moving forward, well, especially now Huawei is knocked out of the question. In certain regions like Western Europe and Latin America, the company is positioned as the top 3 smartphone company. In Western Europe, its market share rose to 16.6% while in LatAm, its market share increased to 11.5%. In addition, it retained the top three position in the Middle East as well. The company enjoys an 87.8% YoY increase in that region.

Source: GizGuide, Canalys