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Xiaomi, the world's third largest smartphone maker made $56m last year

The world's third largest smartphone maker made only $56 million in profits last year
By: Anthony Garreffa | Business, Financial & Legal News | Posted: Dec 16, 2014 6:35 am

The world's third largest smartphone maker, Xiaomi, made just $56.15 million profit in 2013, from a total of $4.3 billion in revenue. Reuters is reporting that the information they received were from the financial results from Xiaomi, after the Chinese company purchased a 1.3% stake in Midea, a home appliance maker, for $205 million.

 

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It wasn't long ago that The Wall Street Journal was reporting that Xiaomi's net profit had close to doubled from last year, jumping up 84% to $566 million. The Journal called it "a lucrative business in an industry where most players selling cheap handsets struggle to break even." Even though Xiaomi is the #1 handset manufacturer in China, it is still lagging far behind companies like Samsung and Apple when it comes to revenue and profits.

 

Apple made around $25.4 billion in revenue during the same period, compared to Xiaomi with just $4.3 billion. Xiaomi has been making flagship handsets at mid-range prices, which is securing itself masses of marketshare, with it being the world's third largest smartphone company in just four years, but is still struggling to compete globally against mega giants like Samsung and Apple.

NEWS SOURCES:Techspot.com

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