Xiaomi is the Youngest Company Among the Global Fortune 500

According to the newly released Fortune 500 list, Xiaomi managed to break through now ranking 468th. Lei Jun, founder of Xiaomi, has previously stated that Xiaomi aims to break into the global Fortune 500 list. Now Xiaomi has achieved this goal. Founded in 2010, Xiaomi is the youngest company among the Fortune 500.

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“It took Xiaomi only nine years to make the global Fortune 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey,” said Lei Jun, Founder, Chairman and CEO of Xiaomi.

“Over the past year, we have made significant improvements and adjustments in our core strategies, management structures, technology research and development systems, product lineups, brand developments, and much more. ” Lei Jun added. Apart from its “Smartphone+AIoT” strategy, Xiaomi is also dedicated to creating its own ecosystem together with many smart hardware developers. The company built the world’s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March of 2019.

Lei Jun, founder of Xiaomi
Lei Jun, founder of Xiaomi (Source: Internet)

According to Fortune Magazine, Xiaomi‘s revenue in 2018 was $26.44 billion (approximately 181.8 billion yuan), which marks an increase of 55.9 percent year-on-year and net profit of $2.05 billion (approximately 14.1 billion yuan). Its total assets have amounted to $21.15 billion, with total employees of 16,680.

According to the previous annual report of Xiaomi, its total revenue during the reporting period was 174.9 billion yuan, with a year-on-year increase of 52.6 percent. The adjusted profit was 8.6 billion yuan, with a year-on-year increase of 59.5 percent. Among them, Xiaomi‘s revenue from smartphones in 2018 was 113.8 billion yuan, with a year-on-year increase of 41.3 percent.

In 2018, its Internet service revenue was 16 billion yuan, with a year-on-year increase of 61.2 percent. The advertising revenue reached 10.1 billion yuan, with a year-on-year increase of 79.9 percent.

In 2018, the international business of Xiaomi achieved great success. During the reporting period, its international revenue was 70 billion yuan, with a year-on-year increase of 118.1 percent. International revenue’s proportion of total revenue increased from 28 percent in 2017 to 40.1 percent in the same period of 2018.

Xiaomi CC 9
Xiaomi CC 9

Xiaomi’s footprint is now present in over 80 markets globally. According to international market research organization Canalys, as of March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of units shipped, and also remained India’s biggest smartphone brand for seven consecutive quarters, with a market share of 31.4 percent. Additionally, the company has maintained a high growth rate in Western Europe, less than two years after its official entry, ranking 4th in terms of smartphone shipments, while making great strides in emerging markets including Africa and Latin America.

In terms of the number of companies on the list, the number of Chinese companies reached 120 this year, which is very close to the United States (126), and far ahead of Japan in the third place (52). Xiaomi is the forth Chinese internet company that entered the list after JD.com, Alibaba and Tencent. It is also reported that it took JD.com and Alibaba 18 years to make the list, while it took Huawei 23 years.