China's Smartphone Juggernaut Xiaomi Says It Tripled Phone Sales To 61 Million Last Year


XIAOMI SMARTPHONE ceo lei junREUTERS/Jason LeeXiaomi CEO Lei Jun showing the company's smartphone sales growth earlier in 2014..

Xiaomi is on a tear. 


The Chinese smartphone maker more than tripled its handset sales last year, selling more than 61 million phones, according to CEO Lei Jun. 

It also made more than $12 billion in revenue last year, Lei said on his microblog.

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However, it's unclear how much money the company is making as its sales explode. In 2013, it reported profits of only $56 million on sales of about 19 million handsets, according to Reuters.

Xiaomi passed Samsung to become the top smartphone seller in China last year, Gartner reported in December, and is a big reason why Samsung's smartphone sales are slipping.


The company is still privately held, and was reportedly valued at $45 billion when it raised $1 billion in new funds last month. Russian tech investor Yuri Milner recently said he's impressed by how fast Xiaomi got to more than $1 billion in revenue, and believes Xiaomi will become a $100 billion company