Chinese smartphone maker Xiaomi became the youngest company on the Fortune Global 500 list for 2019, at No. 468, with revenue of $ 26,443.50 million and net profit of $ 2,049.10 million. dollars in the previous fiscal year.
The Beijing-based global tech company announced on Monday that the company was first on the Fortune Global 500 list, nine years after its iteration.
The company also ranks seventh in the internet services and retail category, it said in a statement.
âIt took only nine years for Xiaomi to make it to the Fortune Global 500 list, a milestone that we owe a big thank you to all of 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 take to another level in the journey of global expansion, âsaid Lei Jun, founder, president and CEO of Xiaomi.
Founded in April 2010 as an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform, Xiaomi was also first named to Fortune’s China 500 list in June, se ranking 53rd.
According to the international market research organization IDC, in March 2019, the company became the fourth largest smartphone brand in the world in terms of shipment sales volume, registering an annual growth of 32.2%.
The company has also incubated and invested in over 200 ecosystem companies, many of which specialize in developing smart hardware, and thus built the world’s largest consumer IoT platform with around 171 million devices. Connected IoT, excluding smartphones and laptops, end of March 2019.
The company is investing Renminbi 10 billion in the development of “All in AIoT” over the next five years as part of its dual-core “Smartphone + AIoT” strategy, allowing the prospect to capitalize on the development opportunities of the company. artificial intelligence (AI) and IoT in the future, and laying a solid foundation for growth over the next five to ten years.
In addition, the company plans to replicate its success by improving and adjusting its business strategies from China to overseas.