Cheaper Smartphone Competitor Xiaomi Expects $1 Billion Revenue from Mobile Services

Chinese smart phone maker, Xiaomi Corp. now aims in amplifying their revenue not only by the sale of their smart phones, but also enhancing their revenue by the services they provide to customers across the globe.

Xiaomi Corp. is expecting to sell more than triple its revenue from mobile services such as games and a payment app.

Lei Jun, Xiaomi's founder and chief executive officer said that, they hope to get nearly $1 billion this year with mobile services as their source of revenue.

Xiaomi previously said that it expects to have total revenue of $16 billion this year, and $1 billion of projected revenue from mobile services would account for about 6 percent. The company made less than $300 million in revenue from services last year. Washington Street Journal had reviewed a document showing that Xiaomi's business had a net income of $559 million in 2013.

Xiaomi is now aiming in expanding their boundaries across the globe by opening centres in different places, outside China, and thus expanding their trades. Lei Jun stated that Alibaba Group Holding Ltd. And Tencent Holdings Ltd. would compete with their firm in the market.

"The ways that Tencent and Alibaba make money today are the ways that Xiaomi will make money in the future", Lei Jun reported.