Huawei has released its full year financials for 2017, which show a rapid increase in revenues and profit, fuelled by strong growth in Asia and Europe
Huawei has released a strong set of full year financial results, as total revenues jumped by 15.7 per cent to CNY603.6 billion ($92.5 billion) in 2017.
Net profits also increased to CNY47.5 billion ($7.3 billion), an increase of 28.1 per cent compared to the previous year.
"We’re on a new journey. Opportunities and challenges are popping up faster than ever before, and nonstop open innovation is the only way we can keep ahead of the game. Over the next 10 years, Huawei will continue to increase investment in technological innovation, investing more than 10 billion dollars back into R&D every year. We will actively pursue open collaboration, attract and cultivate top talent, and step up efforts in exploratory research. We want to better enable all industries to go digital and intelligent," said Ken Hu, Huawei’s rotating chairman.
As expected, Huawei’s American business unit took a hit in 2017, with revenues falling by 10.9 per cent, following the collapse of its proposed expansion into US markets. However, business in China and Europe buoyed the company’s figures, making 2017 an extremely successful year for the Chinese kit maker.
"As we look to 2018, emerging technologies like the Internet of Things, cloud computing, artificial intelligence, and 5G will soon see large-scale application. Throughout this process, Huawei will stay at the forefront of technological innovation and business transformation. More importantly, we will pay special attention to the practical challenges that our customers face as they go digital. Our job is to help them overcome these challenges and achieve business success. Ultimately, we aim to bring digital to every person, home and organization for a fully connected, intelligent world," added Hu.