On 22nd July 2019, Xiaomi Corporation declared that the Chinese Mobile manufacturing company has for the 1st time will be able to establish its presence in the Fortune 500 list. It has taken nine years to reach the position, and it is the youngest company that has achieved such a great milestone so quickly.
The Beijing-based company is occupying a global ranking 468th, with an annual turnover of 6,443.50 million dollars and net profit of 2049.10 million Dollars in the FY 2018-19. The company holds the seventh rank in the category of Internet Services and Retailing.
"Xiaomi has taken just 9 years to establish its presence in the list of Fortune Global 500, a breakthrough that we owe a great thankfulness to all the followers, users, and fans of Mi for their unfaltering cooperation. Xiaomi is also the most newborn organization on the list of the financial year 2018-19, a splendid work that we will consider and yield to advanced level in the journey of global growth," stated by the CEO, Chairman, and Founder of Xiaomi - Lei Jun.
"Across the recent year, Xiaomi has made notable advancements and modifications in its central approaches, administration arrangements, technology analysis, strategy, and extension practices, developments of the brand, product lineups, etc. These transits have enabled Xiaomi to illuminate invariably, even in the aggressively competitive race from local as well as global opponents.
This fame does not indicate the terminal of our pursuance, but merely a fresh starting. We stay dedicated to creating fantastic and technologically advanced and extremely innovative items cost-effectively. As our theory states, to allow our Mi followers, fans, investors, and users experience a more enjoyable life," the Xiaomi founder Lei Jun stated.
As an internet firm with smart hardware and cellphones associated by an IoT platform at its core established in the year 2010, April. Xiaomi was also titled to China 500 list of Fortune for the prime time in 2019, June, at a ranking of 53rd position.
Xiaomi achieved 1,453.72 million dollars (¥10,000 million) threshold in sales income in the year 2012, and 14,537.21 million dollars (¥100,000 million) in the year 2017.
As a per the IDC research, as of March, Xiaomi had turned out to be the world's fourth mobile phone manufacturing company in terms of volume of shipment sales, recording a 32.2% per cent yearly growth. The footprints of Xiaomi are as of now in more than eighty global marketplaces.
The Fortune 500 companies are also identified as Global 500 companies. It is the ranking that is allotted to the top 500 global companies or organizations, annually. The ranking is issued by Fortune magazine for the last sixty-seven back-to-back years, as estimated by the total income and overall rise in profit as compared to that of the previous financial year.
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