Huawei profit grows 25.1% in FY18

01 Apr 2019
00:00
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Daily News

Huawei has reported a solid 25.1% increase in net profit for 2018 despite the continuing political challenges the vendor has been facing in the US and other markets.

The Chinese vendor reported a net profit for the year of 59.3 billion yuan ($8.83 billion), on the back of a 19.5% increase in revenue to 721.2 billion yuan.

Sales in the vendors' core carrier business declined slightly to 294 billion yuan, but consumer business revenue surged 45.1% from 2017 to reach 348.9 billion yuan as Huawei carved out a higher share of the global smartphone market.

Enterprise revenue also grew 23.8% to 74.4 billion yuan, due to demand for the company's cloud, big data, AI and IoT solutions.

Commenting on the results, Huawei rotating chairman Guo Ping appeared confident that the company can weather the impact of decisions by regulators in markets including the US, Australia and New Zealand to restrict the vendor from providing equipment to segments of their respective markets over national security concerns.

“Through heavy, consistent investment in 5G innovation, alongside large-scale commercial deployment, Huawei is committed to building the world's best network connections,” he said.

“Throughout this process, Huawei will continue to strictly comply with all relevant standards to build secure, trustworthy, and high-quality products. As we work towards this goal, we have been explicitly clear: Cyber security and user privacy protection are at the absolute top of our agenda.”

He added that the company is “confident that the companies that choose to work with Huawei will be the most competitive in the 5G era, and countries that choose to work with Huawei will gain an advantage for the next wave of growth in the digital economy."

Image credit: iStock Photo

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