CHINA Slower smartphone and overall revenue growth for Huawei

CHINA

Slower smartphone and overall revenue growth for Huawei

Reuters

03:55, January 02, 2018

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Huawei Technologies Co on Friday flagged overall and smartphone revenue figures for 2017 that represented its slowest growth in the past four years, and vowed to extend its global reach with more premium products in 2018. 

The telecom equipment and smartphone maker estimated 2017 revenue rose 15 percent to 600 billion yuan ($92.08 billion), Chief Executive Ken Hu said in his New Year's message.

That represented the slowest growth since 2013 for Huawei. 

Its fast revenue growth in recent years has been slowing as Chinese telecom carriers complete the construction of the world's largest fourth-generation mobile network and as competition intensifies in the smartphone market.

Hu said Huawei's smartphone shipments in 2017 totaled 153 million units and its global market share topped 10 percent, cementing its position as the world's third-largest smartphone maker after Samsung Electronics Co and Apple Inc.

Huawei said it would focus on profit after posting near-flat annual profit growth in March, weighed down by its fast-growing but thin-margin smartphone business and marketing spending.

Richard Yu, CEO of Huawei's consumer business group, in a separate New Year's message said the group will strive to obtain a larger share in the high-end market globally, after recording "significant" growth in markets such as Italy and Germany in the past year.

"In 2018, we will have disruptive products and innovative technology to lead the global market. I believe that 2018 will be the first year that we will truly be walking the road to global prominence," Yu said.

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