The logo of Huawei Technologies is pictured in front of the German headquarters of the Chinese telecommunications giant in Duesseldorf, Germany. File photo/Reuters
SHENZHEN/HONG KONG: China’s Huawei Technologies, the world’s third-largest smartphone maker, reported a 25 per cent jump in 2018 net profit, buoyed by a solid performance in its home market and a booming smartphone Business.
Shenzhen-based Huawei raked in a net profit of 59.3 billion yuan ($8.8 billion), compared to a 28 per cent rise in 2017 and a big rebound from a 0.4 per cent increase in 2016.
The outlook for Huawei is clouded by US accusations that its telecoms network equipment could be used for spying by the Chinese government and calls to allies from Washington to ban Huawei from building next-generation mobile networks.
Huawei has repeatedly said Beijing has no influence over it.
Huawei’s revenue grew 19.5 per cent 721.2 billion yuan last year, in line with what it had earlier flagged.
That marked the fastest pace of Business growth in two years for Huawei, despite heightened scrutiny of its activities.
A senior company executive said earlier this week that the US campaign against Huawei was having little impact on the company’s sales and that it was unlikely many countries would heed the US call to ban its gear.
The company expects revenue to jump to $125 billion in 2019. ($1 = 6.7349 Chinese yuan)
European stocks slipped on Monday as concerns about an escalating fallout from a US crackdown on China’s Huawei Technologies offset a slightly more positive tone on trade.
China’s Foreign Ministry on Friday denounced comments by US Secretary of State Mike Pompeo, who said the chief executive of China’s Huawei Technologies was lying about
China’s Huawei, hit by crippling US sanctions, could see shipments decline by as much as a quarter this year and faces the possibility that its smartphones will disappear from international markets, analysts said. Smartphone shipments at Huawei, the world’s second-largest smartphone
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