Xiaomi says it shipped 27.5 million smartphones in first quarter, in move aimed at clarifying industry research
- Xiaomi said recent numbers from certain market research firms had been ‘inaccurate and unfair’, according to a filing to Hong Kong stock exchange
Xiaomi, the world’s fourth-largest smartphone vendor, said on Friday it shipped over 27.5 million smartphones in the first quarter of 2019, in a move aimed at correcting some recent industry estimates.
While the shipment estimate has not been audited and could change in the financial statement for the first quarter, Xiaomi said recent numbers from certain market research firms had been “inaccurate and unfair”, according to a filing by the company to the Hong Kong stock exchange.
The filing did not elaborate on the industry reports referred to and a Xiaomi spokeswoman declined to comment further.
On Tuesday US-based market research firm IDC estimated Xiaomi’s first quarter shipment volume at 25 million units, a 10 per cent year-on-year decline and giving it an 8 per cent share of the global market. Strategy Analytics, Counterpoint Research, and Canalys reported Q1 shipment numbers for Xiaomi respectively at 27.5 million, 27.8 million and 27.8 million units.
All four research firms have put Xiaomi in fourth spot in terms of global market share.
Xiaomi’s disclosure on smartphone shipments comes amid investor concern about ongoing headwinds for handset makers including saturated markets and slowing economies as the industry gears up for next-generation 5G networks. Xiaomi has lost almost a third of its market value since its IPO last year, trading at HK$11.86 as of 10.40am on Friday, up 2 per cent.
While Xiaomi chalked up 28.6 per cent year-on-year sales growth in India in the fourth quarter, thanks to its affordable Redmi series, high-profile online marketing campaigns and offline expansion in rural areas, the company’s sales declined by more than 34 per cent in China over the same period.
In December, Xiaomi announced a reorganisation aimed at putting more focus on the domestic market, naming its co-founder Wang Chuan as president of a new China region.
The company is also looking to artificial intelligence as a driver of future growth. Xiaomi recently announced that it will set up a technical committee comprising 19 members as part of its efforts to transform the company into an AI-driven company, and promised millions of yuan in rewards and compensation for exceptional and innovative engineers.
