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HONG KONG (Reuters) – China’s Xiaomi targets 2017 sales of over 100 billion yuan ($14.47 billion), Chief Executive Lei Jun said on Thursday, after a year that saw the firm fall down the smartphone vendor rankings while it overhauled its business.
“The worst is over,” Lei said at an annual meeting in Beijing, describing 2016 as a “make-up year”.
Xiaomi - World - Startup - Hopes - China
Seven-year-old Xiaomi was briefly the world’s most valuable startup and had hopes to be China’s equivalent of Apple Inc. But it fell out of the top five in China for smartphone vendors in 2016, after reaching No. 2 in 2015.
Last year saw increased competition from compatriots Huawei Technologies Co Ltd [HWT.UL], Oppo and Vivo while growth in the global smartphone market stagnated.
Response - Xiaomi - Adjustments - Business - Areas
In response, privately held Xiaomi said it made adjustments to several business areas, including increasing its offline retail presence and pushing for more overseas...
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