Despite Forbes itself warning Users to boycott Chinese mobile giant Xiaomi for recording millions of people’s ‘Private’ web and phone use, the growth of the Xiaomi brand does not seem to want to slow down. The Beijing brand recorded another excellent result in terms of turnover, Forbes today ranked Xiaomi number 384 on the Global 2000 up from number 425 in 2019.
“When Xiaomi entered the Forbes Global 2000 for the first time last year, we were very honored. It motivates us to exceed the level of our current business, which is derived from the adjustments brought to the brand in the last year, such as the expansion of our product portfolios, as well as management systems. We have continued to expand internationally, with almost half of our turnover coming from foreign markets, making Xiaomi a global brand.” Lei Jun Xiaomi CEO stated after the news popped up
“Despite the demanding challenges, the Group always proves to be growing. We will work to further improve our ‘5G + AIoT’ strategy, as well as to increase our investments, so as to improve the lives of people with innovative technologies”.
Forbes Global 2000 is a list of the World’s largest public companies, and this year was its 18th annual ranking. The list is considered one of the most authoritative and closely monitored company rankings in the world and is based on the integrated assessment of sales, profits, assets, and market capitalization. Based on the 2020 list, Xiaomi totaled $ 29.8 billion in revenue, $ 1.5 billion in profit, $ 26.4 billion in assets, and $ 31.5 billion in market capitalization.
China dominated the list notching a record performance with 324 listed Companies. however, Huawei doesn’t appear on the Global 2000 because it’s unlisted.
Forbes says that most companies on this year’s Global 2000 list have seen their market values drop considerably since last year, “woeful first-quarter earnings provide a painful insight into the impact of the Great Cessation. The past few months have been especially brutal for the airlines, which saw demand drop lower than after 9/11. American Airlines” The report states.