Xiaomi has announced that it has sold 1.16 million Mi smartphones in just 24 hours in China, generating a revenue of $254 million. This number is 2.8 times over the company’s revenue of 550 million yuan generated as a part of Singles’ Day in 2013. This is quite a phenomenal performance by Xiaomi, which according to IDC has sold over 17.3 million smartphones in the whole of Q3, 2014.
For those who are not familiar with November 11 (11/11), it is known as Singles’ Day (Anti-Valentine’s day or Bachelor’s day) in China and has become one of the largest online shopping days. Heavy discounts are offered by online retailers on a wide array of products as a part of the Singles’ Day sale, which is even bigger than the Cyber Monday and Black Friday sales in the US.
Xiaomi Singles’ Day final record: 1.16 million Mi phones sold, ¥1.56B (US$ 254M) in sales in 24 hours
— Hugo Barra (@hbarra) November 11, 2014
Xiaomi, which is just 4-year-old, has become the No.1 smartphone brand in China. The company’s VP Hugo Barra confirmed via Twitter that the sales have generated a revenue of $254 million with 1.16 million Mi units sold.
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