Xiaomi earlier this year disclosed that it hopes to ship 70 million phones in 2017 and had also set a 100 billion yuan revenue target for 2017. There are strong indications that Xiaomi would hit its target 70 million shipments by October, two months before the end of the year. The Chinese tech giant is expected to hit 10 million units in shipments this September and another 10 million shipments in the fourth and final quarter of 2017.
Considering the company’s performance so far, Xiaomi is expected to record a revenue of up to 109.75 billion yuan ($16.8 billion USD) this year. This has made financial analysts to put Xiaomi’s net worth at a whopping $69 billion. This estimation is based on the same Price-Earnings ratio (P/E ratio) which was used to evaluate the company in its 2014 fiscal year where it accrued an estimated $45 billion valuation. Apart from the huge valuation, there are also talks of Xiaomi seeking an IPO, which would bring in more investors and thus help the company expand to new frontiers.
The progress made by Xiaomi was indeed thought to be a tall order when Lei Jun disclosed the target of 70 million shipments for this year back in January. This was because the projection was coming on the heels of a poor 2016 which saw the company ship only 41.5 million phones in China according to a report by IDC. There is no doubt now that Xiaomi has got its act together and is set to challenge for the top 3 spots in the near future. Xiaomi did succeed to climb into the first five top global phone makers in the second quarter of the year and is expected to remain within the quintet for the rest of the year.