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OnePlus achieved two major financial accomplishments in 2017
- OnePlus CEO Pete Lau says the company had more than $1 billion in revenue last year.
- It also became profitable for the first time in company history.
- After casting doubts on a second device release in 2018, Mr. Lau said that OnePlus will release two phones this year.
OnePlus is one of the newest companies to become a major player in the mobile industry. It used smart tactics and help from its parent company to build a contender. Now, it’s celebrating a milestone— a billion dollars in sales.
The company used cost-saving techniques in the past (you may remember the dreaded invite system), and released compelling, inexpensive devices. Its now seeing the reward for its efforts. CEO Pete Lau told The Telegraph that the company’s revenue doubled to more than $1.4 billion last year. OnePlus is also now profitable for the first time. Lau stated that the company is making “healthy profits” from its device sales.
Now that the company is on solid financial footing, it is looking toward bigger things in 2018. The company’s phones are already in British’s carrier O2’s stores, but it will begin talking to American carriers too. You can currently only purchase its devices on the company’s website in the U.S. Getting into a carrier store would open up the potential for more sales, as carriers are responsible for 80 to 90 percent of smartphone sales, according to some estimates.
OnePlus is also working on a more transparent approach. It hadn’t released financial information since 2014, but Lau says that releasing its financials is about building trust with potential customers, “We want to send a signal that we’re a healthy company.”
While OnePlus is making some changes, its device release schedule isn’t one of them. Last week at CES, Mr. Lau said it may not release a second device in 2018. It has done so for the last two years, but he wasn’t sure they would move forward with that plan again this year. Mr. Lau now confirms that the company will, in fact, release two devices this year, starting with the OnePlus 6.