Xiaomi has only been around for a few years but it has an annual tradition of revealing the previous year’s sales figures. The company is going to ditch the tradition this year as it has decided not to reveal smartphone sales figures for 2016. Xiaomi’s CEO and co-founder Lei Jung has already said that the company grew “too fast” so apparently it doesn’t really see the need to make the sales figures public anymore.
Xiaomi was launched around six years ago in China. Since then, it has become one of the fastest-growing smartphone manufacturers in the world. It has a considerable market share in its home country of China and has also been working on expanding to other lucrative emerging markets in the region.
Last year, the company reported that it sold more than 70 million handsets in 2015. The rapid growth in sales aided Xiaomi’s equally rapid expansion plans but the company now recognizes that it did make some missteps along the way.
“In the first few years, we pushed ahead too fast. We created a miracle, but also drew on some long-term growth,” Lei said in a letter sent to the company’s employees, adding that we have to slow down, further improve in some areas, and ensure sustainable growth for a long-term future.”
The company has already been diversifying its product lineup so that it’s not completely reliant on smartphones for its income. It’s also working on breaking into new lucrative markets like the United States.
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