Xiaomi, makers of a plethora of solid mobile devices, shared some good news with the world yesterday. It appears they turned a profit of $2.16 billion for the first quarter in 2013. This sits in stark contrast to their entire FY 2012, which saw them earn $2.05 billion.
That’s right, Xiaomi earned more in the first quarter of this year than all of last year. On the back of one great device after another, Xiaomi is really getting it right, and they’re reaping the rewards for it. They also have one more major selling point, and it could serve them well for a long time.
Xiaomi is very popular in China. So much so, that many treat a device release from them as an event, worthy of skipping work for. They have 14 million users in China, Hong Kong, and Taiwan combined, which comprises the bulk of their 20 million worldwide users. While that seems like a bit of homegrown success, we’d like to consider China’s emerging presence.
As China’s cellular network grows, and more people have the ability to experience mobile service, being a respected brand won’t hurt Xiaomi. Being a respected local brand is even better. The Samsungs and Apples of the world will always have their place, but Xiaomi is in a unique position to establish themselves as a major presence in a market ready to explode.
Perhaps the best part of Xiaomi’s financial success is their CEO, Lei Jun, who remarked “forget about the results, they’re not the most important. Only making products that make users scream can bring in long-term value.”