4/18/2011 11:56:00 AM
Huawei 2010 profits up
Huawei today (18 April) reported profits of £2.23bn – up 30% from 2009. Sales revenue grew 24.2% to £17.4bn during the year ended 31 December 2010.
The Chinese vendor credited the sharp increase to strong overseas sales and growth in its core businesses of telecom networks, global services and devices.
The company successfully shipped 120 million devices worldwide in 2010.
However, prospects for future growth for Huawei in the US look unlikely after the company was blocked from expanding in the country this year following concerns that it has military links.
The company said it plans to strengthens its businesses with a ‘market-oriented corporate governance structure’.
Huawei said its main businesses will now be overseen by designated executive management teams.