Xiaomi posts 246 billion yuan in revenue for 2020

Along with adjusted net profit of 13 billion yuan.
Written by Campbell Kwan, Contributor

Xiaomi earned almost 246 billion yuan in revenue last year, which was a 19.4% year-on-year improvement.

This amounted to the company posting adjusted net profit of 13 billion yuan for the year ending 31 December 2020.

Split into segments, the company's smartphone business provided 152.2 billion yuan in revenue for the year off the back of 146.4 million units being sold, the IoT and lifestyle products segment chipped in 67.4 billion, while the company's internet services segment earned 23.8 billion yuan in revenue.

Revenue from these segments all saw 24.6%, 8%, and 19.7% year-on-year improvements, respectively.

Xiaomi also stated that almost half of its total revenue for the year, 49.8%, came from markets outside of mainland China. It added that the company now has a presence in over 100 countries globally.

Looking at its internet user base, Xiaomi said the amount of monthly active users (MAU) grew by 28%, with the company revealing it now has 396 million MAU of its software MIUI. Of that total, over a quarter resided in mainland China.

Meanwhile, the company said almost 325 million of its IoT units were now connected to its Xiaomi AIoT platform.

Earlier this month, Xiaomi was granted a preliminary injunction to temporarily stop itself from being added onto the United States' Communist Chinese military companies (CCMC) list, which has meant US persons can continue to trade and invest in the company.

The US Department of Defense had sought to place Xiaomi onto the CCMC list in mid-January after accusing the company of "appearing to be [a] civilian entity" in order to procure advanced technologies in support of the modernisation goals of the Chinese military. 

The judge who granted the injunction, District Judge Rudolph Contreras, said the relief was necessary to protect Xiaomi from suffering "irreparable harm". In making that decision, he added that the accusations made by Defense were on "shaky ground".

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