Huawei Technologies Co (華為) earnings last year surged 25 percent as the Chinese telecommunications giant rose up the ranks of the global smartphone market.
China’s largest tech company by sales posted net income of 59.3 billion yuan (US$8.8 billion), while revenue for the year jumped almost 20 percent to 721 billion yuan, the company said in a statement yesterday.
Despite being at the center of global scrutiny, Huawei is winning customers for its networking gear as it contends with Apple Inc for the mantle of the world’s No. 2 smartphone brand.
Photo: AP
The company has already disclosed accelerated growth in the first two months of this year as it develops cutting-edge chips and expands into cloud services.
However, its global prospects have been clouded by US President Donald Trump’s administration, which is waging a campaign to block the Shenzhen, China-based company from supplying equipment for 5G mobile networks.
“In 2019, we are cautiously optimistic about the growth in 5G business,” Guo Ping (郭平), one of the company’s three rotating chairmen, said in an interview with Bloomberg Television.
“The future of [the] telecom industry lies in the opportunities that 5G and future generations of technologies can provide to other industries,” he said.
After years of tension and accusations that the company makes it possible for Beijing to spy on the West, pressure on Huawei has ratcheted up.
Canada in December last year detained Huawei chief financial officer Meng Wanzhou (孟晚舟) at the behest of the US.
Meng, Huawei founder Ren Zhengfei’s (任正非) eldest daughter, faces potential extradition on alleged bank fraud linked to US sanctions against Iran.
The Chinese company is also grappling with criminal charges for intellectual property theft.
Meng and Huawei have denied wrongdoing.
The company has launched a multipronged charm offensive to try and squelch the US accusations.
In the past few months, Ren has emerged from media seclusion to defend his company in a round of interviews, while top lieutenants have showed off the company’s technological capabilities and fought back against US criticisms.
It has also embarked on a full-blown legal offensive.
In Canada, Meng sued the government for allegedly violating her constitutional rights as she was arrested.
The Chinese technology giant filed a lawsuit claiming that the US government is overstepping by barring Huawei from competing to supply equipment to certain federal agencies.
“Huawei will resolutely defend our interests in court,” Guo said. “We have proof to make our points.”
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