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Chinese telecoms giant Huawei reports 30% rise in revenues

Chinese telecoms giant Huawei reports 30% rise in revenues

PanARMENIAN.Net - Chinese telecoms giant Huawei has reported a 30% rise in revenues for the first six months of the year, helped by "solid" smartphone sales, according to BBC News.

Revenues climbed to 175.9bn yuan ($28.3bn), boosted by the smartphone business and growth in other business areas, the company said.

Huawei is the third biggest smartphone seller in China, behind Apple and Xiaomi, according to research firm IDC. The company is also one of the world's largest telecoms equipment makers.

It competes with the likes of Sweden's Ericsson for the global market lead on communication towers and other infrastructure.

Huawei did not disclose its net profit, but said that its operating margin grew 18% in the same period.

"We are confident that we will maintain effective growth and steady and healthy development in all business segments in 2015," said chief financial officer Meng Wanzhou.

Earlier this year, the firm had set a target of 20% growth for global revenues in 2015. Last year, it reported a 20% rise in revenue.

Huawei has come under scrutiny in the U.S. because of its alleged close ties with the Chinese government. It has been banned from being involved in broadband projects in the US and Australia over espionage fears.

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