Three times in a row? Make that four now.
With revenues of $50.9 billion in the last fiscal year, Xiaomi Group has once again climbed the Fortune Global 500 list. It landed 266th in 2022 from its 338th position in 2021, making the technology company one of the biggest rank gainers this year.
Xiaomi first appeared on the list in 2019, just nine years after its founding, when it ranked 468 with revenues amounting to $26.4 billion. It has made its way up every year since — to No. 422 in 2020 and No. 338 in 2021, advancing more than 200 positions in four years.
That makes Xiaomi the fastest-rising Chinese technology company, as confirmed by Fortune magazine, the publication behind the annual ranking of corporations with the highest revenues.
Building an ecosystem around smartphones
While Xiaomi has entered different product categories, the bulk of its income comes from its smartphone business.
And it did so well in 2021; the brand’s global smartphone shipments, about 13% of which were high-end, hit a record high. In fact, market-research firm Canalys put Xiaomi in third place after Samsung and Apple in the global smartphone industry with a share of 14.1%. It also topped 14 markets and was one of the top 5 smartphone vendors in 62 markets.
Xiaomi attributes its success to its “Smartphone × AIoT” strategy, where the smartphone is the core of its business to build a smart life and its AIoT products creating more usage scenarios to accelerate the use of its handsets.
According to the company, “As of December 31, 2021, more than 434 million smart devices were connected to its platform (excluding smartphones, tablets, and laptops), a year-on-year increase of 33.6%.”
Going forward, Xiaomi says that it will continue to “build amazing products with honest prices, so that everyone can enjoy a better life through innovative technology.”
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