OnePlus doubled its revenue to over $1 billion in 2017; plans to be a more transparent company

Chinese smartphone manufacturer OnePlus is not known for disclosing its financial status. The company last declared its financial status in 2014 but is planning to change its stance and become more transparent on that front. Last year, the company launched the OnePlus 5 and OnePlus 5T.

OnePlus Star War Edition. GizmoChina

In a interview to The Telegraph the company CEO, Pete Lau said that the company has doubled its revenue to more than $1.4 billion in 2017 as compared to the previous year. The CEO said that the increase in revenue had come with "healthy profits" as the company has started challenging bigger players. OnePlus is also planning to increase its network by collaborating with mobile networks in US and Europe.

Pete Lau mentioned that the company has been able to make more revenue by focusing on the high-end segment of the market. The company started distributing phones through O2 in UK in 2016 but it sells most of its mobiles directly to the core fans online.

OnePlus CEO said that they want to be more transparent about revenues so that shoppers have faith in the company. He said that if a company is not healthy, consumers will think twice before buying a product. They want to send a signal that OnePlus is a healthy company.

OnePlus also plans to release two new phones every year. The company will launch its next flagship in June 2018. Although no official name is out, we feel it will be called the OnePlus 6 going by the company's naming conventions. The smartphone is expected to come with Snapdragon 845 chipset confirmed Lau.