What is Fortune Global 500?
As the efforts we make are measured by its outcome, the Fortune Global 500 aka Global 500 is the annual progress report of corporations worldwide, in terms of their revenue. Published annually by Fortune magazine, it doesn’t come off as a surprise that China with 124 corporations becomes the highest grosser. This ranking not only measures the revenues but also the ups and downs in the chart also marks the annual progress of a corporation. The big news this year has to be that Xiaomi Corporation has secured the 338th position on the Fortune Global 500 2021 list with an applaudable leap of 84 places compared to its 422nd rank in 2020.
About the Xiaomi Corporation:
Founded in April 2010, Xiaomi Corporation with its consumer electronics, smartphones, smart hardware, and AIoT devices has spanned across 100 markets worldwide. According to Canalys, Xiaomi’s smartphones alone contribute to about 17% of the global smartphone shipments. The growth is evident, as here in Nepal as well, if you throw a stone it would land on a Xiaomi user. Jokes apart, the numbers speak for themselves and currently, Xiaomi stands number 1 in twelve markets. One of the markets where Xiaomi has been triumphant and holding on to the number 1 position for 15 consecutive quarters in India. When it comes to Europe, Xiaomi ranks second in terms of market shares.
Xiaomi’s earnings report last year showed that the total revenue generated, sums up to a whooping RMB245.9 billion which converts to 38.06 billion USD. As of the first quarter of 2021, Xiaomi generated revenue of RMB76.9 billion i.e. 11.9 billion USD. This represents an increase of 54.7% year-over-year. Out of this, the net profit amounted to RMB 6.1 billion. Which converts to 944.23 million USD which is a 163.8% increase over last year.
What’s next for Xiaomi?
After achieving this milestone, Lei Jun, CEO of Xiaomi Corporation announced that Xiaomi will invest in Xiaomi Smart Factory Project. And will make an investment of 10 billion USD for smart electric vehicles. So in the coming future, you might see Xiaomi’s electric vehicles. Jun believes that this addition to Xiaomi’s portfolio will only drive Xiaomi atop the charts.
With over 1000 Xiaomi Stores in international markets and 5500 in mainland China, Xiaomi has really established itself as one of the fastest-growing companies in the world. With a huge and loyal consumer base, Xiaomi surely has set its modus operandi right.