Chinese electronics company, Xiaomi, on Friday said it sold “over 70 million” devices in 2015, the company’s president Lin Bin said in a statement.
Though the company made a 15% jump compared to the 61 million sold in 2014, it said it is short of the 80 million projection it set for 2015.
But the growth is nowhere near the 227% the company registered in 2014, or the 160% the year before.
Xiaomi gave no reason as to why the company missed its revised sales forecast but intense competition with rival Huawei Technologies, a slower-growing Chinese smartphone market and changing tastes may offer clues to the company’s lackluster smartphone sales.
The Wall Street Journal reported recently that Huawei became the first Chinese company to ship more than 100 million smartphones in a single year, thanks to impressive 44 percent shipment growth.
Xiaomi’s slow sales could also be attributed to the Great China Smartphone Slowdown. According to International Data Corporation (IDC), China, the world’s largest smartphone market, grew just 1.2 percent year over year in 2015, a far cry from 19.7 percent growth achieved in 2014.
Nonetheless, Xiaomi today claimed that it, not Huawei, was “the top smartphone manufacturer in China in terms of market share for the year of 2015.”