Huawei reported a 15.7 per cent surge in revenue rising to 603.6 billion CNY (£68.1 billion) for its full financial year in 2017 despite set backs in the US.
Although its American arm took an expected hit, revenue dropped 10.9 per cent following the collapse of consumer expansion deals with US operators, after pressure from the US government forced AT&T to abandon the deal at the eleventh hour. European and Chinese revenues buoyed the company’s finances.
Net profits also increased to 5.3 billion CNY (£7.3 billion) up 28.1 per cent year-on-year. In 2017 the firm spent £10.1 billion in research and development, in the past decade it has spent over £44 billion.
The consumer business arm consisting of Huawei and sub-brand Honor “ran full speed ahead” seeing “rapid growth” of 31.9 per cent raking in £26.7bn, after shipping 153 million devices for the whole year.
Huawei’s carrier arm generated £33.6 billion increasing 2.5 per cent year-on-year while enterprise contributed £6.2bn, a rise of 35.1pc due to innovations in cloud, big data, campus networks, data centres, IoT.
Huawei rotating chairman Ken Hu said vowed to carry on with investment in innovations to “keep ahead of the game”.
He added: “Over the next 10 years, Huawei will continue to increase investment in technological innovation, investing more than 10 billion dollars back into R&D every year. We will actively pursue open collaboration, attract and cultivate top talent, and step up efforts in exploratory research. We want to better enable all industries to go digital and intelligent.”
