(Yicai Global) March 29 -- Huawei Technologies' profit jumped 25 percent last year as revenue at the Chinese tech giant soared past USD100 million for the first time.
Huawei had net profit of CNY59.3 billion (USD7.5 billion) in the year ended December on a 19.5 percent gain in revenue to a record CNY721 billion (USD107 billion), the Shenzhen-based company said in an annual report issued today.
The telecoms equipment and handset maker's consumer business played a large part in driving the strong performance. In the final quarter of last year, the firm overtook Apple as the world's second-largest smartphone provider, according to research company IDC.
Sales at its consumer business climbed 45 percent to CNY349 billion thanks to increasing smartphone market share and its share of the premium market.
Huawei's carrier business featuring fifth-generation wireless technology and artificial intelligence solutions gained CNY294 billion, roughly the same as the year before, while its enterprise business rose 24 percent to CNY74.4 billion.
The firm's research and development outlays were CNY101.5 billion, claiming 14 percent of sales revenue and ranking it fifth globally in The 2018 EU Industrial R&D Investment Scoreboard last year. R&D expenses were CNY90 billion, so Huawei's costs climbed 13.2 percent to CNY101.5 billion.
Its R&D outlays have topped CNY480 billion over the last 10 years.
Editor: Ben Armour