Ahead of the company’s initial public offering, Xiaomi has revealed that its smartphone sales grew significantly during the first quarter of 2018, although it has still failed to turn a profit.
The low-cost brand didn’t mention any exact shipment numbers but did confirm that it saw extreme growth of 88% during the first three months of the year. Despite the lack of official numbers, however, Counterpoint Research recently estimated shipments of 28.1 million for the brand during Q1, giving Xiaomi a global market share of 8%. This, alongside the company’s various other divisions, allowed for revenues of $5.3 billion during the period, although Xiaomi’s razor-thin margins and various one-off costs ultimately led to a loss of $1.09 billion for the quarter.
