BEIJING: Xiaomi, Chinese Smartphone manufacturer, expects revenue to top 100 billion yuan ($16 billion) for 2015, according to comments from CEO Lei Jun at an event in Beijing.
That would represent at least 30% revenue growth from the previous year, when Xiaomi sales hit 74.3 billion yuan (or about $12 billion).
At that level, Xiaomi’s revenue will still be far short of competitors like Apple, which generated $182 billion in revenue for the 2014 fiscal year. Profits are likely lagging too, as the company reportedly made just $56 million in net profit in 2013.
Xiaomi gained traction with gadgets that invited comparisons to Apple products, but often at a far more affordable price. One researcher Xiaomi had passed Samsung to become China’s top Smartphone seller. It now has aspirations to tiptoe into the U.S. market.
At the end of last year, Xiaomi confirmed raising $1.1 billion in funding at a $45 billion pre money valuation, making it the most valuable start up in the world.
