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May 23, 2016 06:00 pm

Xiaomi Revenues Were Flat in 2015

Scott Cendrowski, reporting for Fortune: Xiaomi, the Chinese smartphone maker and second highest-valued startup in the world at $45 billion, barely grew sales at all last year. Revenue for 2015 reached 78 billion yuan ($12.5 billion), a 5% rise from 2014's 74.3 billion yuan. Taking into account the falling value of the Chinese currency, the yuan, sales rose 3% in U.S. dollar terms. Xiaomi has been mum about the 2015 sales total since founder Lei Jun gave a revenue target of 100 billion yuan ($16 billion at the time) at a government meeting in March last year. Flat sales growth represents a dramatic change of fortune for Xiaomi, which until recently appeared to be enjoying the momentum befitting China's hottest startup. It was coming off sales growth of 135% in 2014, and in early 2015 founder Lei Jun said at a press conference that Xiaomi's new smartphone was even better than Apple's iPhone. However the phone, the Mi Note, amassed early user complaints about hot temperatures and didn't become the mega-seller the company might have hoped.CNBC's Jay Yarrow said "The Apple-killer is dying." For the uninitiated, Xiaomi rose to fame in 2013-14 when the company took the world by storm with its cheap-priced handsets, TVs, speakers, power banks, and cameras. These devices offered top-of-the-line specifications for their respective echelon. The company has been called out before for allegedly copying Apple's iOS design in its MIUI Android-based operating system. In the past two years, Xiaomi has expanded its business to several Asian regions, and intends to sell a number of gadgets in the United States and Europe among other regions starting later this year. The company has also expanded its product portfolio, making weighing scale, rice cooker, suitcase and a range of other items.

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