Huawei’s 2018 net profit rises 25%, amid security allegations

Technology company Huawei has reported a 25% increase in 2018 net profit, despite US calls to ban its technology

Huawei net profit Source: Bloomberg

Huawei saw a net profit of 59.3 billion yuan in 2018, comparing to a 28% rise in 2017 and a rebound from a 0.4% increase in 2016.

Huawei, saw its consumer business sales hit a record 348.9 billion yuan ($52 billion) in 2018, motivated by its P series and Mate series.

Huawei’s revenue growth

Huawei's revenue grew 19.5% to 721.2-billion-yuan last year, in line with estimations. This marked progressive growth for the company, despite on-going scrutiny.

The company expects revenue to jump to $125 billion in 2019.

US accusations cloud outlook

Huawei faces US accusations which could overshadow their positive result 2018 results.

It comes after the US accused Huawei of spying for the Chinese government, using their telecoms network equipment.

There have also been calls from Washington to ban Huawei from building next-generation mobile networks.

Huawei has said denied these claims, and siad it was not at all influenced by Beijing.

Huawei to "shake off" outside distractions

However, earlier this week a senior company executive said that the US campaign against Huawei was having little impact on the company's sales. He also claimed that it was not likely that other countries would ban Huawei technologies from being sold.

The company’s rotating chairman Guo Ping said, ‘The easiest way to bring down a fortress is to attack it from within. And the easiest way to reinforce it is from outside.’ He said on Friday.

Ping said that the company would do everything it could to “shake off outside distractions, management and make progress towards our strategic goals," to move forward


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