Xiaomi announced revenues of CNY 174.9 billion for 2018, up 52.6 percent. The Chinese company benefited from its expansion abroad, with international revenues more than doubling to CNY 70 billion, as well as expansion into new product categories and services, such as smart TVs and speakers. Net profit for the year totaled CNY 13.5 billion, compared to a loss of CNY 43.9 billion in 2017, and adjusted net profit grew 59.5 percent to CNY 8.6 billion.
Xiaomi said revenue from its main smartphone business grew 41.3 percent in 2018 to CNY 113.8 billion, driven by both higher volumes and a growing average selling price. Xiaomi’s smartphone shipments reached 118.7 million units, up 29.8 percent from 2017, and the company said the ASP was up 17 percent in China and 9.7 percent in other markets.
Revenue from the IoT and lifestyle products segment surged 86.9 percent to CNY 43.8 billion. The company said smart TV shipments reached 8.4 million units, up by 225 percent. In addition to smart TVs and laptops, Xiaomi said it achieved "outstanding sales performances" from products such as the Mi Band, Mi Electric Scooter and Mi Robot Vacuum Cleaner.
Its internet services revenues were up 61.2 percent to CNY 16.0 billion, and advertising revenue grew by 79.9 percent to CNY 10.1 billion. Active monthly users of its Mi user interface totaled 242.1 million in December 2018, up 41.7 percent from a year earlier. Excluding smartphones and laptops, the number of devices on Xiaomi’s IoT platform reached 150.9 million at year-end, a quarter-over-quarter increase of 14.7 percent and a year-on-year increase of 193.2 percent.
In addition to continued expansion in IoT devices and services, Xiaomi said it will continue its international expansion in 2019. It's already the number one smartphone brand in India and said it wants to replicate this success in Indonesia and Western Europe. The company also plans to strengthen its offline retail network and services more, while still focusing on its e-commerce driven sales strategy.
