02 August 2019
Xiaomi has entered 2019 Fortune Global 500 list for the first time and it feels proud to announce this to its followers and fans. The youngest company which is just 9-year-old has been ranked No. 468, with a revenue of US$26,443.50 million and a net profit of US$2,049.10 million in the previous fiscal year.
Lei Jun, Founder, Chairman and CEO of Xiaomi said,
It took Xiaomi only nine years to make the Fortune Global 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.
Jun further said that over the past year, the company has made significant improvements and adjustments in its core strategies.
Xiaomi, the most valuable tech company has clinched several positions since its launch in India where its presence is crucial. The company focuses largely on India, the world’s second-largest smartphone market. It’s the world’s 4th most valuable technology company which is growing rapidly and expanding itself in more areas with its arsenal of subsidiaries.
Xiaomi while announcing this exhilarating news also shared that the company’s footprints are 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 shipment, and also grabbed attention for becoming India’s biggest smartphone brand for seven consecutive quarters. The company also maintains a high growth rate in Western Europe and that too after just two years of its official entry. It’s also making strides in new markets in Africa and Latin America.
While announcing its rank in the Fortune 500 companies list, Xiaomi also mentioned that it’s investing heaving in IoT and it looks for more opportunities in this area. It also plans to replicate the success by adjusting its business strategies beyond China and looks for overseas projects.
The Fortune 500 is an annual list published by Fortune magazine that ranks 500 of the largest US corporations by the total revenue for their respective fiscal years. The list includes publicly held and privately held companies for which revenues are publicly available.