Beijing-based global technology major Xiaomi Corporation has become the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal year.
The nine-year-old company also ranks 7th in the Internet Services and Retailing category.
â€śIt took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support. We are also the youngest company on this yearâ€™s list, a proud record that we will keep in mind and bring to another level in the global expansion journey,â€ť said Lei Jun, Founder, Chairman and CEO of Xiaomi.
Founded in 2010 as an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, Xiaomi was also named to Fortuneâ€™s China 500 list for the first time in June, ranking 53rd.
The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide compiled and published by Fortune magazine for 67 consecutive years, as measured by revenue and net profit from the previous fiscal year
â€śOver the past year, we have made significant improvements and adjustments in our core strategies, management structures, technology research and development systems, product lineups, brand developments, and much more. These moves have empowered Xiaomi to continuously shine, even in the face of fierce competition from domestic and international peers. This honor does not mark the end of our pursuit, but simply a new beginning. We remain committed to making amazing and highly innovative products at honest prices, as our philosophy states, in an effort to let our Mi Fans, users and investors enjoy a better life,â€ť Lei Jun added.
The company said in a statement that it reached RMB10,000 million (approximately $1,453.72 million) threshold in sales revenue in 2012, and RMB100,000 million (approximately US$14,537.21 million) in 2017.
While Xiaomi makes a massive range of products from smartphones to home essentials, it is the worldâ€™s fourth largest smartphone brand as per IDC in terms of shipment sales volume.
The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware. Xiaomi claims that it has become the worldâ€™s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.
Xiaomi is currently present in over 80 markets globally. As of March 31, 2019, there were 480 authorized Mi Home stores overseas, representing a 93.5 percent year-on-year growth, of which over 110 were in Europe and 79 in India.
Xiaomi has also announced that it is investing RMB10 billion in the development of â€śAll in AIoTâ€ť in the next five years as part of its â€śSmartphone+AIoTâ€ť dual-core strategy, allowing the prospect to capitalize on artificial intelligence (AI) and IoT development opportunities in the future, and laying a foundation for the growth over the next five to 10 years.