Tech giant Xiaomi revenue up 52.6 percent in 2018

BEIJING -- Xiaomi said Tuesday that its 2018 revenue reached 174.9 billion yuan (26 billion US dollars), marking a 52.6-percent increase as the Chinese tech firm achieved robust smartphone sales and successful expansion in the home appliance market.

The Beijing-headquartered company said its international revenue grew 118.1 percent to 70 billion yuan, accounting for 40 percent of its total revenue. Its net profit last year reached 13.48 billion yuan.

Xiaomi shipped 118.7 million smartphones last year, marking a 29.8-percent increase year-on-year. The smartphone sector generated revenue of 113.8 billion yuan for the company, up 41.3 percent from the previous year.

Revenue from the Internet of Things (IoT) and lifestyle products, a relatively young yet fast-growing business of Xiaomi, surged 86.9 percent to 43.8 billion yuan, according to the company.

Lei Jun, founder and CEO of Xiaomi, said 2018 saw their large home appliance business grow into a "robust business unit," and also marked the start of the company's overseas IoT business expansion.

To capture opportunities brought by the coming 5G network, the company expects to invest over 10 billion yuan in the development of AIoT (artificial intelligence + IoT) in the next five years, Lei said.

Xiaomi in February unveiled its new smartphone with a 5G modem to tap into the advent of the 5G era, which is expected to herald a new round of smartphone buying fever and help revitalize the increasingly saturated smartphone market.