Xiaomi becomes youngest co on Fortune Global 500 list | 2019-07-23

Xiaomi becomes youngest co on Fortune Global 500 list

Business Desk

23 July, 2019 12:00 AM printer

Xiaomi becomes youngest co on Fortune Global 500 list

Xiaomi Corporation  announced on Monday that the company has for the first time made the Fortune Global 500 list, nine years after its iteration.

The Beijing-based global technology leader is the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of US$26,443.50 million and a net profit of US$2,049.10 million in the previous fiscal year. The company also ranks 7th in the Internet Services and Retailing category, said a press release.

“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,” 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. These moves have empowered Xiaomi to continuously shine, even in the face of fierce competition from domestic and international peers.

Xiaomi continues to demonstrate its healthy consumer brand equity and strong growth potential, thanks to the company’s unique and powerful “triathlon” business model, and the results of its dual-core strategy of “Smartphone + AIoT”.

According to international market research organization IDC, as of March 2019, Xiaomi had become the world’s 4th smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 percent.