wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

Xiaomi registered a profit of $56M last year

Xiaomi-logo

Chinese smartphone maker Xiaomi registered a net profit of $56 million last year, revealed a filing made by electrical appliance manufacturer Midea Group to the Shenzhen Stock Exchange (SZSE), reports Reuters.

Xiaomi had recently acquired 1.3% stake in Midea Group for $203.7 million, in bid to enhance its presence in the internet-connected home electronics space. The company is also expected to start selling its Mi Air Purifier, which can be controlled with a mobile phone, in China from today.

Xiaomi had recorded revenues of about $4.3 billion and had an operating margin of 1.8% last year. A Xiaomi spokesperson confirmed these numbers to Reuters, but mentioned that these figures didn’t represent the whole of Xiaomi’s business. Apparently, the figures in the Midea filing only refer to Xiaomi Inc, which is a part of Xiaomi Group.

A separate disclosure by Midea Group on SZSE revealed that Xiaomi’s founder & CEO Lei Jun has a 77.8% stake in Xiaomi and other stockholders own the remaining stake. Xiaomi is a privately owned company and doesn’t disclose its financials.

Advertisement. Scroll to continue reading.

Xiaomi, which launched in India in July this year, has adopted a flash sales based distribution model through an exclusive tie-up with online marketplace Flipkart. It has attracted a lot of attention in the country (both positive & negative), but has struggled to keep pace with high demand.

Legal troubles: Recently, an ex-parte interim injunction by the Delhi High Court had directed custom officials to stop the imports and restrain Xiaomi from selling, advertising, manufacturing or importing devices that infringe on Ericsson’s standard essential patents (SEP). Local commissioners had also been appointed to visit Xiaomi offices to ensure the implementation of these orders. The company has now been allowed to import or sell Qualcomm chipset-based handsets in India until January 8, which means it will be able to sell Redmi Note 4G and Redmi 1S in India while Redmi Note that runs on Mediatek-based chipset will continue to remain banned.

Also Read:

Xiaomi to start making phones in India after it struggles to match consumer demand

Xiaomi to set up local data center in India in 2015 amid privacy concerns

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ