A Monday filing by Xiaomi to the Shenzhen Stock Exchange has quite clearly destroyed all the speculations which people had regarding its profit margins. The company made a staggering $56 Million in profits last year, Reuters reported.
As per the latest filings with Chinese securities, Xiaomi billed a revenue of $4.30 Billion, which is immensely staggering to say the least, considering the fact that the company is just four years old and has no dedicated marketing in place.
Xiaomi, which has already surpassed Samsung to become the No.1 smartphone manufacturer in China, is currently ranked No. 3 as fasr as world-wide shipments are concerned. It is behind market leader Apple, followed by Samsung.
Analysts around the world have been questioning Xiaomi’s sales model due to the fact that the Chinese company has been selling smartphones with flagship-like configurations at extremely rock-bottom prices.
The financial results were included in disclosures made to the Shenzhen Stock Exchange following Xiaomi’s purchase of a 1.3 percent stake in Midea Group Co Ltd, a publicly traded electrical appliance company, for 1.27 billion yuan.