Huawei Vows to Reform Consumer Business, Triple Revenue to USD150 Billion in 2023
Li Na
DATE:  Apr 04 2019
/ SOURCE:  yicai
Huawei Vows to Reform Consumer Business, Triple Revenue to USD150 Billion in 2023 Huawei Vows to Reform Consumer Business, Triple Revenue to USD150 Billion in 2023

(Yicai Global) April 4 -- Huawei Technologies, a world-leading telecom equipment and smartphone maker, is planning an internal reform of its consumer business unit with a mid-term goal of tripling annual revenue to USD150 billion by 2023.

"In terms of organizational structure and salary distribute, do as you wish," founder Ren Zhengfei said in an internal speech yesterday. "You will be given give years to try and build an invincible army."

He also set a company-wide goal of generating between USD250 billion and USD300 billion by the same deadline.

Huawei's consumer business is entering a new era, Richard Yu, chief executive of consumer business, said on Weibo. Huawei plans to be the world's number one technology brand, and Honor will be among the top four -- second in China only to Huawei, he added.

The company also plans to overhaul its carrier business, which includes its fifth-generation wireless technologies, though Huawei Technologies will lead this reform, rather than allowing the unit to make changes as it pleases.

Huawei's global sales revenue rose 19.5 percent to CNY721 billion (USD107 billion) last year, with net profit surging by a quarter to CNY59.3 billion. Its consumer business revenue was up 45 percent at CNY349 billion, while its carrier arm pulled in CNY204 billion, on par with 2017.

Editor: James Boynton

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Keywords:   Huawei,Earnings