Chinese consumer technology giant Xiaomi Corp is likely to make the list of the world’s top 500 companies this year after recording a revenue surge in the first quarter of the year, according to the company’s top executive.
“Since its establishment nine years ago, Xiaomi has maintained a healthy and fast business growth, and we will soon join the world’s top companies,” said Xiaomi chairman and CEO Lei Jun.
Lei made the remarks after he was elected as the chairman of the Mian Chamber of Commerce, a chamber established by businessmen from Xiantao in Central China’s Hubei province, on Saturday in Guangzhou, capital of Guangdong province.
Xiaomi’s first quarter revenue jumped 27.2 per cent year-on-year to 43.8 billion yuan ($6.3 billion), fuelled by the company’s push for a dual-core strategy focusing on smartphones and the internet of things powered by artificial intelligence, Lei said.
The Hong Kong-listed company also posted an adjusted net profit for the first quarter of 2.1 billion yuan, a year-on-year increase of 22.4 per cent.
“If we maintain the growth rate in the first quarter, Xiaomi will very likely be a world top 500 company this year,” Lei said.
Xiaomi’s revenue jumped 52.6 per cent year-on-year to 174.9 billion yuan last year, thanks mainly to its rapid expansion in international markets and the strong performance of its internet of things business. CHINA DAILY/ASIA NEWS NETWORK