Huawei boosts 2013 net, rotates CEO

Dylan Bushell-Embling
01 Apr 2014
00:00
News
Daily News

Huawei has revealed its net profit grew 34.4% in 2013 to a record 21 billion yuan ($3.38 billion), and the vendor has rotated in a new CEO.

Revenue for the year grew 8.5% to 239 billion yuan ($38.4 billion), with sales increasing across all of the company's business areas.

Carrier network revenue grew 4% year-on-year to 166.5 billion yuan, enterprise sales increased 32.4% to 15.2 billion yuan and the company's consumer division boosted sales 17.8% to 57 billion yuan.

The company shipped around 52 million smartphones during the year, slightly below the target of 60 million.

Sales from China increased 14.2% to 84 billion yuan, with the country making up 35% of total sales revenues.

Looking ahead, Huawei has announced a target of $70 billion in annual revenue by 2018, nearly double the result from 2013, Reutersreported.

Huawei separately announced its latest CEO rotation.Guo Ping, the deputy chairman of the company's board, will be acting CEO between today and September 30.

Guo is also chairman of Huwaei's finance committee and has been head of corporate development since 2003. He replaces rotating CEO Eric Xu.

Huawei has a policy of rotating its CEO between three executives every six months in order to encourage innovation and prevent the company being beholden by any one person.

The three rotating CEOs are Guo, Xu and deputy chairman Hu Houkun (Ken Hu).

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