HUAWEI TOPS $100 BILLION REVENUE FOR FIRST TIME DESPITE POLITICAL HEADWINDS

, Magazine

Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world.

Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. The revenue growth was faster than that seen in 2017, but the net profit rise was slightly slower.

Huawei’s numbers are a bright spot for the firm, which has faced intense political pressure. The U.S. government has raised concerns that Huawei’s network gear could be used by the Chinese government for espionage. Huawei has repeatedly denied those allegations.

Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017.

The real driver of growth was the consumer business, with revenue for that division rising 45.1 percent year-on-year to reach 348.9 billion yuan. For the first time, consumer business is now the biggest share of Huawei’s revenue.