The revelation of the loss comes just a month after the company filed for its anticipated IPO-an IPO that could raise up to $10 billion, valuing the company at over $100 billion. And as for that billion dollar loss, it was due to one-time items, so shouldn't be of too much concern to potential investors. That's compared to 114.6 billion RMB ($17.9 billion) in total sales for all of a year ago, according to digging from TechCrunch partner site Technode.
In its first prospectus for the CDR sale posted on Monday, Xiaomi did not provide a year-ago quarterly profit figure, but compared the 7 billion yuan ($1.1 billion) loss for January-March to a net loss of 43.89 billion yuan for the whole of 2017.
The fact that the company is showing better numbers than previous year should be promising for investors that will be looking to buy shares in the firm when it does its expected IPO. In 2016, the company reported a profit.
The company is ranked fourth based on global smartphone shipments, according to analyst firm IDC, and it is one of the few OEMs to buck slowing sales in China.
China is, as you'd expect, the primary revenue market but Xiaomi is increasingly less dependent on its homeland. For 2017 sales, China represented 72 percent, but it had been 94 percent and 87 percent, respectively, in 2015 and 2016. The company has also seen massive success in India where it is one of the most popular smartphone brands.
Even though Xiaomi is planning to capture more market share in other markets as well, it hasn't entered the U.S. Xiaomi has also committed to investing 30 percent of its IPO for increasing its reach in Russia, Europe, and Southeast Asia and here is a fun fact for you; Xiaomi now sells its products in 74 different countries. Perhaps the company could have made a stronger statement with better financials, but the situation may improve before the public listing.
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