image: arstechnica

Xiaomi’s smartphone shipments grew a whopping 88% during Q1 2018

June 11, 2018

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.

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