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Sunday, June 16, 2024

China´s Huawei profit up 25% in 2018

(Shenzhen) – China´s Huawei´s net profit grew 25 percent last year, the telecom giant said, as it vowed to “shake off outside distractions” amid a global US campaign to blacklist the company over espionage fears.

Net profit rose to 59.3 billion yuan ($8.8 billion) last year, the company said in a statement.

“Moving forward, we will do everything we can to shake off outside distractions, improve management and make progress towards our strategic goals,” rotating chairman Guo Ping said.

The company said overall revenue grew 19.5 percent while its consumer business surged 45 percent.

However the firm´s carrier business, which supplies telecom infrastructure to the much of the world, slipped 1.3 percent during the year after a 2.5 percent expansion in 2017.

Huawei is the leading manufacturer of equipment for next-generation 5G mobile networks that will bring near-instantaneous connectivity for smartphones, but has encountered pushback in some Western markets over fears Beijing could gain access to critical infrastructure.

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