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  HOME | Business & Economy (Click here for more)

Huawei’s Net Profit Increases 25.1% in 2018

SHENZHEN, China – The net profit of China’s Huawei Technologies Co. saw an increase of 25.1 percent in 2018 to stand at 59.3 billion yuan (around $8.8 billion), the company said on Friday during the presentation of its annual report.

The sales revenue of the company based in Shenzhen, southern China, increased 19.5 percent, touching 721.2 billion yuan.

The company said that in the year 2018, it invested 101.5 billion yuan, or 14.1 percent of its sales revenue, in research and development.

The revenues of its carrier business – mainly the implementation of 5G networks – came in at 294 billion yuan, nearly the same figure as that of the year before, and were for the first time below those of the consumer business.

The sales revenue of the company’s consumer business reached 348.9 billion yuan, recording an increase of 45.1 percent year-on-year.

Meanwhile, the sales revenue of Huawei’s enterprise business reached 74.4 billion yuan which meant an increase of 23.8 percent year on year.

The company said that, “Huawei further increased its share of the global smartphone market and has further enhanced the positioning of its high-end devices.”

During the press conference to present the report, the rotating chairman Guo Ping said, “Information communications technology is rapidly working its way into every industry. This has triggered a digital, intelligent transformation – the driving force behind our digital economy.

“Huawei is committed to building the world’s best network connections. Throughout this process, Huawei will continue to strictly comply with all relevant standards to build secure, trustworthy, and high-quality products,” Guo said.

“Cyber security and user privacy protection are at the absolute top of our agenda,” Guo added, while speaking about the doubts concerning the alleged security failures in the 5G networks and other devices of the company.

Guo added 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.”

 

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