Aug 29, 2020 News
Xiaomi used to be a name that was laughed and frowned upon - it was considered a weakling in the smartphone market, and was thought of as just another Chinese company in the game and nothing more. However, the manufacturer proved everyone wrong by producing top of the line phones year in year out - with the likes of the Mi flagship phone, Mi Max and Mi Mix series - and then the Redmi phones which particularly helped the company gain exponential growth. Now, in the second quarter of 2020, Xiaomi has seen massive amounts of growth in its market share, as it could soon be the third biggest smartphone manufacturer in the world, leaving Apple behind.
Xiaomi has seen great results this year, despite the Covid situation worldwide - as it has seen massive profits in the company sales. As of yesterday, the stock price of the company has reached $2.79 - an all high that the Chinese manufacturer has seen - as it has seen 13% growth in its stock value from July 2018. The company is also valued at a whopping, 65 billion USD - which is more than the GDP of a lot of the countries on the world map.
Wall Street analysts from Goldman Sachs, Morgan Stanley, CICC and more have asked its investors to look at Xiaomi’s shares as an excellent option to invest in, since it shows potential to grow even more - in fact, one of the best in the smartphone industry.
Moreover, Xiaomi has seen great response from the European market, as its market share grew to 17% in Europe, a massive 65% increase year-on-year. This also puts it at the third spot for the biggest smartphone manufacturer in the European market. The company also saw a 7.7 billion dollar revenue from the first three months of the coronavirus hitting, which also was a 7.7% increase from the first quarter of 2019.
JUST IN: Check out our Q2 2020 earnings report.— Xiaomi (@Xiaomi) August 26, 2020
Over the next decade, we aim to truly lead the way to the future of smart living. To make this happen, Xiaomi's core strategy will be upgraded to "Smartphone X AIoT" #NoMiWithoutYou#SmartLivingForEveryone pic.twitter.com/Vj6NPslide
If perhaps one market which didn’t see a positive outcome due to the virus for Xiaomi, it would be India, since all the markets were closed and sales were stopped, which did see a loss of over 20% for the company. However, it is slowly picking back up, as sales are growing once again.
The company is already the third biggest phone maker in Europe, so it won’t be long till it achieves that feat in the whole world too. Apple, watch out!