On Thursday, privately owned Chinese Electronics Company and fourth largest smartphone marker in Beijing of China, Xiaomi, has finally disclosed the number of smartphones sold during 2015. The company has sold over 70 million units, but fell short of their preliminary target at 100 million that was later reduced to 80 million.
Comparing the sales from 2014, the company still managed to have an increase of 15%, from its 61 million sales, but also did not reach what their company had projected, which was still below their expectations after a huge jump of 227% from 2013 to 2014.
"For Xiaomi, the smartphone is still its biggest product line and generates around 90 percent of their revenue," said Neil Shah of Counterpoint Research who is an Industry Analyst & Consultant covering technology industry. Xiaomi's yearly sales progression for the year was now 14.5 percent, which is still above the average overall annual market growth rate of 12 percent. Shah later forecasts this year’s growth at 16 percent, based off anticipations that Xiaomi will start sales in the United States, Latin America and Eastern Europe.
The Beijing-based company has a valuation of $46 billion.
Xiaomi was the world's fifth-largest smartphone maker by shipments in the third quarter, market researchers IDC said, behind Samsung Electronics Co, Apple Inc., Huawei and Lenovo. A year earlier, it was in third place, according to Reuters.