With its continuous stream of success in various markets, Xiaomi has achieved another milestone by making it to the Fortune Global 500 list, the first time for the company.
The Beijing-based global technology leader is the youngest company on the said list for 2019, ranking 468th with a revenue of USD 26,443.50 million and a net profit of USD 2,049.10 million in the previous fiscal year. The company also ranked 7th in the Internet Services and Retailing category.
“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.”
– 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. This honor does not mark the end of our pursuit, but simply a new beginning. We remain committed to making amazing and highly innovative products at honest prices, as our philosophy states, in an effort to let our Mi Fans, users and investors enjoy a better life.” He added.
Founded in April 2010, Xiaomi also made it to Fortune’s China 500 list for the first time in June (rank 53rd). The company was able to reach RMB 10,000 million threshold in sales revenue in 2012, and RMB 100,000 million in 2017.
Xiaomi is investing a ton of resources in the development of “All in AioT” in the next five years, as part of its “Smartphone + AIoT” dual-core strategy, and plans to replicate its success by improving and adjusting its business strategies from China to overseas markets.
The Fortune Global 500 is an annual ranking of the top 500 corporations worldwide according to revenue and net profit. It has been compiled and published by Fortune Magazine for 67 consecutive years.
Emman has been writing technical and feature articles since 2010. Prior to this, he became one of the instructors at Asia Pacific College in 2008, and eventually landed a job as Business Analyst and Technical Writer at Integrated Open Source Solutions for almost 3 years.