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Huawei Revenues Surge by 40 percent in First Half of 2016

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Huawei Revenues Surge by 40 percent in First Half of 2016

On Monday, the Chinese telecom equipment giant, Huawei revealed that profits heaved 40% year-on-year in the first half of 2016, enhanced by firm growth in smartphone sales.

Huawei Revenues Surge by 40 percent in First Half of 2016

Appraised results released in a company statement disclosed that total sales revenue touched 245.5 billion Yuan ($36.7 billion) in January-June. Though the company did not offer an analysis of the statistics.

“We are confident that Huawei will maintain its current momentum, and round out the full year in a positive financial position backed by sound ongoing operations.”

Huawei Chief Financial Officer Sabrina Meng informed.

Also Read: Huawei Smartphone Shipments Increase by 44% in 2015

Huawei is one of the leading suppliers of network groundwork worldwide. But its consumer products are not as much of renowned outside China.

Its user business, counting smartphone sales, has sturdily supported the company’s performance, mounting 73% to 129.1 billion Yuan preceding year.

According to IDC report, last year Huawei had over 8% of the world smartphone market, placing it in third place behind Samsung and Apple.

Huawei revealed in the statement that its consumer industry in the first half “sustained steady growth globally”. It is all set to issue sales statistics for its smartphone business later this week.

The firm said net revenue rose 33% year-on-year in 2015, reaching 36.9 billion Yuan. The total revenue for the year was 395 billion Yuan, a year-on-year proliferation of 37 percent.

The Chinese Giant, Huawei is not registered on any stock exchange. But still it issues financial information in the interest of transparency. US officials sight Huawei as a safety threat due to apparent close links to the Chinese government. Though the company negates the indictment.