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Tuesday, July 24, 2012

Revenue up but profit down at Huawei

Technology company Huawei has published financial results for the first half of 2012. Sales revenue was up 5.1% year-on-year to CNY 102.7 billion (£10.38 billion), while operating profit reached CNY 8.79 billion. That’s a 22% drop from the same period in 2011 but an increase from the previous six months.

Meng Wanzhou, Chief Financial Officer of Huawei, said “In 2012, Huawei outlined our new pipe strategy and we will focus even further on this approach moving forward to ensure more effective growth and greater efficiency to drive continued improvements in operating performance. We are relatively optimistic about our operating performance and profitability for the remainder of 2012.”

Huawei, which launched new smartphones including the Ascend P1 and Ascend D quad this year, currently has 12.16% market share for smartphones in China.

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Author: The Fonecast
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