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Xiaomi Corp., the smartphone maker that outsells Apple Inc. (AAPL) in China, has turned profitable for the first time as market-share gains put the company on pace to almost triple handset sales this year.
Sales in the first half more than doubled to 13.2 billion yuan ($2.16 billion), and may rise to 28 billion yuan for the full year, from 12.6 billion yuan for all of last year, President Bin Lin said in an interview at the company’s headquarters in Beijing yesterday. Handset sales may jump to 20 million units, from 7.19 million last year, he said. He didn’t supply a figure for profit.
The three-year-old company, which was valued at $10 billion in its latest round of funding, is expanding product offerings after selling handsets priced at about a third of the cost of Apple’s iPhone 5 in China. Xiaomi, which on Sept. 5 said it will sell Internet-ready televisions, will focus on developing new devices and has no plans to sell shares to the public in the next five years, founder and Chief Executive Officer Lei Jun said.


“Xiaomi wants to spread very fast and become a dominant player,” said Jeongwen Chiang, chairman of the marketing department at the Shanghai campus of the China Europe International Business School. “The China market is very price-sensitive. Xiaomi can sell millions of handsets because they offer real value for the money.”
http://www.bloomberg.com/news/2013-09-06/xiaomi-turns-profit-as-sales-of-iphone-beating-handset-to-triple.html?cmpid=yhoo