Huawei revenue surged 19.5pc year-on-year to £82.4 billion (CNY 721bn), its fastest growth in two years, despite constant pressure from the US over security concerns.
The group’s net profit jumped 25pc to £6.7bn. Its carrier business which sells telecoms equipment to operators globally slowed by 1.3pc, taking £33bn revenue, 40pc of total revenue.
The consumer business which manufactures and sells smartphones, and a host of consumer technology overtook the carrier business as most valuable. It raked in £39.7bn which is 48.4pc of revenue.
The under-fire carrier business traditionally brought in the lion’s share of revenue for Huawei. The US government has been on a campaign to convince global operators from buying Huawei equipment, and governments to ban the vendor. The US claims Huawei presents a security threat due to ties to Beijing.
Huawei is the world’s largest manufacturer of telecoms infrastructure equipment.
The Chinese vendor spent over £11.4bn in R&D for last year, stating 45 per cent of its 80,000 employees are accounted to the R&D arm. The firm says it invest at least 10pc of revenue to R&D every year.
Huawei rotating chairman Guo Ping said: “Through heavy, consistent investment in 5G innovation, alongside large-scale commercial deployment, 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. As we work towards this goal, we have been explicitly clear: Cyber security and user privacy protection are at the absolute top of our agenda”.
