Chinese telcommunications giant Huawei increased revenue by 32% to US$75.1 billion to record net profits of US$5.3 billion, up by just 0.4%, for 2016 as the company continued to invest in further global market expansion.
Huawei Rotating CEO, Eric Xu said the company had, maintained its strategic focus in 2016 to achieve solid growth across its carrier, enterprise and consumer business groups.
“As humanity continues to explore and make new breakthroughs in the digital world, digitisation and increasing intelligence present huge business opportunities for all industries, and are also paving the road for new growth for the ICT industry”.
“We will stay customer-centric and will support digital transformation in all industries, in order to create value for our customers and to grow sustainably."
{loadposition peter}In 2016, Huawei’s continued investment in the business included annual spending of US$11 billion on research and development.
During the year, Huawei's carrier business group generated US$41.8 billion in revenue, an increase of 24% year-on-year, which the company says was achieved by focusing on digital transformation and leveraging major opportunities in cloud, video, the Internet of Things, and operations transformation for carrier customers.
Through collaboration with its partners, Huawei's enterprise business group delivered ICT infrastructure to support the digital transformation of key vertical industries, including finance, energy, government bodies, and public safety.
The enterprise division generated US$5.9 billion in annual revenue for 2016, an increase of 47%, while the consumer business group shipped 139 million smartphones during 2016, with revenue increasing by 44% to US$25.9 billion.
Huawei's CFO Sabrina Meng said, "Huawei was operationally healthy in 2016, with ample cash reserves, a solid and sustainable capital structure, and high resilience against risk. In 2017, we will continue to boost the efficiency and quality of our operations to ensure solid growth."