Xiaomi’s CFO in an interview earlier today stated the company has now over 500million users worldwide.
The company has also recorded an increase in its internet revenue by 31.8% year-on-year in the first quarter of 2019.
Xiaomi has diversified its portfolio widely with investment in both smartphone and AIOT. But still, the smartphone business is at the core of the company. Earlier this year, Xiaomi announced its dual-core 5-year plan in both smartphone and AIOT (AI + IOT).
Within the past five years, Xiaomi has become “the world’s largest consumer IoT platform, connecting more than 132 million smart devices (excluding mobile phones and laptops), including more than 20 million daily active devices as of September 30.”
In general, Chinese smartphone brands are growing faster, and other traditional behemoths like Apple and Samsung are already feeling the heat. Recent reports have even suggested Samsung is on the verge of laying off 1000 employees in India as a result of competition from Chinese brands but the company has refuted the claims.
Besides, Apple has also considered making its products cheaper in the Chinese market to compete well with home brands. Current speculations have indicated that this year’s iPhones may use under-display finger-screen sensor instead of Face ID for the Chinese market to cut on the price.