China's Biggest Smartphone Maker Tripled Its Phone Sales Last Year

Xiaomi has successfully targeted the low-end of the smartphone market: China’s biggest smartphone maker says it tripled its smartphone sales in 2014, selling more than 61 million phones. CEO Lei Jun says this contributed to more than $US12 billion in revenue for the year.

Based on data charted for us by BI Intelligence, Xiaomi sold 17 million smartphones in the fourth quarter — an impressive jump of 233% year-over-year. For the full year, its 61 million smartphone shipments was a 227% jump from the 18.7 million units it shipped in 2013.

Xiaomi raised $US1.1 billion in late December, and is now valued at $US45 billion.

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