China's Smartphone Juggernaut Xiaomi Says It Tripled Phone Sales To 61 Million Last Year

XIAOMI SMARTPHONE ceo lei junREUTERS/Jason LeeXiaomi CEO Lei Jun showing the company’s smartphone sales growth earlier in 2014..

Xiaomi is on a tear. 

The Chinese smartphone maker more than tripled its handset sales last year, selling more than 61 million phones, according to CEO Lei Jun. 

It also made more than $US12 billion in revenue last year, Lei said on his microblog.

However, it’s unclear how much money the company is making as its sales explode. In 2013, it reported profits of only $US56 million on sales of about 19 million handsets, according to Reuters.

Xiaomi passed Samsung to become the top smartphone seller in China last year, Gartner reported in December, and is a big reason why Samsung’s smartphone sales are slipping.

The company is still privately held, and was reportedly valued at $US45 billion when it raised $US1 billion in new funds last month. Russian tech investor Yuri Milner recently said he’s impressed by how fast Xiaomi got to more than $US1 billion in revenue, and believes Xiaomi will become a $US100 billion company¬†

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