Huawei books $8.8B profit for 2018 as consumer devices become top moneymaker

TechCrunch | 3/29/2019 | Staff
kshama-skshama-s (Posted by) Level 3
Click For Photo:

Despite an ongoing tussle with the U.S. government, signs look positive for Huawei. The Chinese firm just released its end of year report for 2018 and profit is up 25 percent to 59.3 billion CNY, or $8.84 billion, thanks to its fast-growing smartphone and devices business.

Huawei isn’t a public company but it does release financial reports that are audited by KPMG. The big takeaway from its latest financials is that it has become a hardware company — that’s to say that revenue from consumer devices overtook Huawei’s core telecom business, which involves selling networking gear to carriers.

Revenue - CNY - Increase - Year-on-year

Overall revenue for 2018 was 721 billion CNY, or $107.4 billion, which represented a 19.5 increase year-on-year.

Huawei said revenue from its consumer business rose by 45 percent to reach 349 billion CNY ($52 billion), with its carrier business dropping 1.3 percent to 294 billion CNY, or $43.8 billion. Enterprise services is the third revenue bucket, and that accounted for the remaining 74.4 billion CNY.

Company - China - Percent - Revenue - Huawei

The company is, unsurprisingly, still reliant on China, which accounted for 52 percent of its revenue in 2018 although Huawei saw stronger growth from other global markets. Its business in the Americas, however, lags that of Europe and The Middle East and Asia Pacific in terms...
(Excerpt) Read more at: TechCrunch
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!