Huawei Expects 21 Percent Rise in 2018 Revenue
Business, Markets

Huawei Expects 21 Percent Rise in 2018 Revenue 

Chinese technology giant Huawei Technologies is expected to record a 21 percent revenue growth for 2018 despite the company’s year was largely spent fighting cybersecurity challenges by the US, UK, Australia, New Zealand and Japan.

Guo Ping, rotating chairman of Huawei – in his new year message titled “Fire is the Test of Gold” – said the company is expected to reach sales of $108.5 billion this year, despite what he called “malicious incidents” and “incredibly unfair treatment” from foreign governments. He credited the sale to 10,000 5G base stations and 200 million smartphones.

The company had said earlier this month that the annual revenue is expected to exceed US$100 billion as it bagged 26 5G contracts, becoming the largest 5G vendor in the world. This is the first time that Huawei would cross the US 100 dollar billion benchmark.

World’s largest telecom equipment maker and second largest smartphone seller – Huawei – faced immense international pressure this year after the US and its allies banned its equipment over concerns of spying by China. Huawei declined the influence of Beijing over it.

Huawei’s chief financial officer Meng Wanzhou, who is also the daughter of the company’s founder Ren Zhengfei, was arrested and released on bail in Canada on allegations that Huawei sold US-made equipment to Iran.

“We must not be discouraged by malicious incidents or temporary setbacks, and must remain determined to achieve global leadership,” Mr Guo stated in his message.

Last week, Ken Hu, the company’s chief executive, said the countries banning Huawei are putting themselves in disadvantage as the world is shifting towards 5G, the next big thing for the mobile internet.

Mr Guo said, “For 5G markets that choose to not work with Huawei — they will be like an NBA game without star players.”

As per a report by Reuters on Thursday, US President Donald Trump is considering to execute orders for US companies to ban telecom equipment by Huawei and ZTE.

While Meng was released on bail, China has since detained two Canadians in response to Meng’s detention.

Last week, the US and UK accused China of organising a sustained cyber espionage with an aim to steal trade secrets from governments and high-tech companies.

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