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After two years of slumping sales, China's Xiaomi said Friday that it shipped a record 23 million smartphones last quarter. That's up 70 percent from the prior quarter.

"This is a truly significant milestone for Xiaomi," CEO Lei Jun said in a statement. He also said that he is confident the company can reach its revenue goal of 100 billion Chinese yuan ($14.7 billion) for the year and said Xiaomi is aiming to ship 100 million phones in 2017.

Why it matters: As Lei Jun pointed out in his letter, the smartphone business tends to be unforgiving. Companies that see a slump tend not to recover. (Think BlackBerry, Nokia, HTC, etc.)

China's Xiaomi reverses slide, posts record quarter for phone sales

After two years of sliding sales, the company is now aiming to ship 100 million phones this year.

Technology

After two years of slumping sales, China&#x27;s Xiaomi said Friday that it shipped a record 23 million smartphones last quarter. That&#x27;s up 70 percent from the prior quarter.&quot;This is a truly significant milestone for Xiaomi,&quot; CEO Lei Jun said in a statement. He also said that he is confident the company can reach its revenue goal of 100 billion Chinese yuan ($14.7 billion) for the year and said Xiaomi is aiming to ship 100 million phones in 2017.Why it matters: As Lei Jun pointed out in his letter, the smartphone business tends to be unforgiving. Companies that see a slump tend not to recover. (Think BlackBerry, Nokia, HTC, etc.)

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.

China's Xiaomi reverses slide, posts record quarter for phone sales

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