Xiaomi posted their results of the year’s second quarter, reaching an all-new record.
The Chinese electronics company announced that 2017 so far has been Xiaomi’s most successful quarter to date. During the second quarter of 2017 alone, Xiaomi has sold 23 million phones across the globe. Xiaomi CEO Lei Jun stated that the company sold through 70 percent more of its phones than what the company managed in their last three-month period. A part of this success is due to the company’s new retail model, focusing more on offline retail. Currently, Xiaomi has 123 stores open in China with plans to open additional stores as soon as possible. Another reason behind the company’s sales increase is from their boosted visibility on available online platforms.
“Today’s accomplishment is not an easy feat. We offer our sincere gratitude to all of our Mi Fans for the trust they have placed in us over the years. We are grateful to our partners for their support, and especially to Xiaomi’s 13,000 employees and families for your dedication. The smartphone market is brutally competitive, and we are only taking the first steps in our journey. In order to continue growing, we must keep true to our core values, and innovate relentlessly. We have to give our engineers the freedom to think outside of the box, and explore fearlessly without boundaries.” Said Lei Jun in a statement sent out.
Alongside the company’s new retail strategy. The company also believes that the focus on R&D also gives it an edge. It was recently reported that Nokia and Xiaomi would be partnering up, allowing Xiaomi to use certain assets from Nokia’s phones.
Lei Jun is setting a new revenue target of $14.7 billion for this year. Xiaomi will also have a shipments target of 100 million for 2018.