Xiaomi posts $11.9 billion revenue in 2014

Chinese smartphone vendor Xiaomi Technology’s CEO Lei Jun said it booked 74.3 billion yuan or $11.97 billion in pre-tax sales in 2014, registering an annual growth of 135 percent.

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Huawei CEO Ken Hu, in a new-year message, said the revenue of Huawei Technologies is expected to grow 15 percent to $46 billion in 2014. The revenue growth was mainly contributed by Huawei’s terminal equipment sales, which is estimated to reach $11.8 billion in 2014, according to media reports.

This indicates that Xiaomi Technology’s smartphone business is slightly more than Huawei’s phone business.

Xiaomi Technology CEO Lei Jun
Xiaomi sold over 61 million phones in 2014, up 227 percent from a year earlier, Lei said in a post on his Sina Weibo microblog account.

Lei added that growth in China’s smartphone market would ease in 2015 and that the firm would look to focus on innovating new products and pushing into more overseas markets.

According to media reports, last week Xiaomi raised $1.1 billion in a round of funding that valued the Chinese devices firm at $45 billion, from investors including All-Stars Investment, DST Global, Hopu Investment Management, and Yunfeng Capital, as well as Singapore sovereign wealth fund GIC.

Baburajan K
editor@gizmolead.com

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