Huawei grows sales by 32%

Huawei Technologies Co., Ltd expects its sales revenue to grow 32 percent year on year in 2016.

Huawei’s rotating CEO Eric Xu said that the company estimates sales revenue will stand at 520 billion yuan or 75 billion U.S. dollars in his new year speech on Friday.

Huawei moved briskly in smartphone markets this year with a series of new handsets in hope of attracting high-end consumers away from Apple and Samsung.

Research firm TrendForce’s latest report showed Huawei’s taking 9.1 percent of the global smart phone market in the third quarter, ranking at the third place. Domestically, Huawei continued to be the largest smartphone producer, taking up nearly 20 percent of the market.

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Apart from consumer business, Huawei also improved telecom services, such as video and cloud technology, and grew in energy, finance, transport and other enterprise services.

Despite double-digit revenue growth, Huawei improved little in terms of efficiency and cash flow, Xu said.

“Huawei must focus on improving quality, particularly the quality of contracts and operation, if it wants to keep profit growing,” Xu said.

Huawei operates in more than 170 countries and regions and employs about 170,000 people worldwide.

Its net profits last year rose to 36.9 billion yuan and global revenue grew to 395 billion yuan, up 37 percent year on year. For the past few years, its annual growth has averaged 30 percent.

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