Xiaomi’s Lin Bin: We just turned in our first profits. Will ship 20 million smartphones this year
During the last few weeks there were a lot of good news surrounding Chinese smartphone upstart Xiaomi.
They just finished their fourth financing round at a whopping $10 billion valuation, doubled their revenues to $2.1 billion in the first half of the year, hired Google’s Android star Hugo Barra to lead its international expansion and launched an impressive new flagship MI3.
Now there’s more.
Xiaomi President Lin Bin told Sohu IT that his company just became profitable for the first time in its short 3 year history. He also upped 2013 smartphone shipment forecast to 20 million units.
When asked about the possible IPO, Lin Bin said that he has no plans for it for at least next 5 years:
“I have been an entrepreneur for more than 20 years, and I am not interested in big companies. I was in one (ed. as head of Google China), and I would rather stand by our products at the forefront of the company”
As for international expansion – that’s something for Hugo (Barra) to figure out.
Xiaomi today is by far the most interesting smartphone company around. And it is moving mind-blowingly fast. From zero to $5 billion annual revenue run rate, while becoming profitable, in 3 years. That’s quite an achievement.
I can’t wait for Hugo Barra to get on with his work, and bring Xiaomi phones and other devices to the rest of us.