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Xiaomi once again in Fortune Global 500 list for 2020

Founded in April 2010, the Beijing-based has revenue of USD 29.795 billion and a net profit of USD 1.453 billion in the previous fiscal year, up 34.8 percent year-on-year.

Devdiscourse News Desk | Beijing | Updated: 11-08-2020 08:22 IST | Created: 10-08-2020 21:15 IST
Xiaomi once again in Fortune Global 500 list for 2020
Image Credit: Flickr

Chinese smartphone brand Xiaomi has made it to the Fortune Global 500 list of the world's biggest corporations in terms of revenue and net profit for the second consecutive year, marking up 46 spots to 422nd from 468th in the previous year, the company said in a press release on Monday.

Founded in April 2010, the Beijing-based company has revenue of USD 29.795 billion and a net profit of USD 1.453 billion in the previous fiscal year, up 34.8 percent year-on-year. In addition, Xiaomi has maintained its ranking at No. 7 in the Internet Services and Retailing category.

Commenting on the achievement, Lei Jun, Founder, Chairman, and CEO of Xiaomi, said, "this year marks the 10th anniversary of Xiaomi's foundation. Looking back at the past decade, Xiaomi would not have achieved the success it enjoys today without the cordial and unwavering support from our nearly 19,000 colleagues worldwide, Mi Fans, users, business partners, and friends."

"Impacts from the pandemic were felt in the first few months of this year, but as lockdown measures are gradually loosened, we see a robust rebound thanks to our efforts taken on securing the manufacturing and supply chain, working closely with our global partners, as well as living up to the potential of our omnichannel online-offline retail system," said Chew Shou Zi, President of International at Xiaomi Corporation.

To recall, Xiaomi was also named to Fortune's China 500 list for the second time in July 2020, ranking 50th, jumping three slots from 53rd position last year. The company was ranked 24th on the Boston Consulting Group's list of 50 most innovative companies in 2020, and 384th on the Forbes Global 2000 list for 2020.

As of June 2020, Xiaomi had been the world's fourth-largest smartphone brand in terms of shipment sales volume and is placed among the top five companies in 50 markets, in terms of shipments, of the 90 global markets where the company has established its footprints.



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