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Huawei forecasts annual revenue growth of 10% until 2018

BusinessNews
by Jamie Hinks
, 11 Sep 2013News
Huawei forecasts annual revenue growth of 10% until 2018

Huawei expects annual revenue growth of 10 per cent over the next five years with a rise in consumer sales and enterprise driving the company on.

The Chinese firm expects to see substantial improvements on the $35 billion [£22 billion] annual revenues it made it 2012 and will do so with sustained investment in consumer products.

"This growth will come mainly from consumer devices and enterprise," Huawei's Vice President of Western Europe sales, Gaston Khoury said at a media presentation in Stockholm, according to Reuters.

The media event was put on to announce the appointment of Khoury as the head of sales for Western Europe that will see him split his time between the Huawei Technologies French head office in Boulogne-Billancourt and Huawei Europe headquarters in Düsseldorf.

Khoury has been with the company since 2005 working primarily in France before becoming VP of worldwide sales for wireless networks that saw him working in Huawei’s Shenzhen, China office.

The ambitious Chinese company posted revenues of 113.8 billion yuan [£11.76 billion] in the first six months of 2013 and is on track to increase its annual figures by at least 10 per cent in 2013 – maybe more.

Huawei has been particularly bullish about its own chances in the global smartphone market and expects to become one of the top three manufacturers by 2015. It is hoping to do this by creating the best handsets money can buy due to a lack of funding for extensive marketing and branding efforts to back up the devices.

Back in June Huawei confidently called Samsung phones “plastic” and called the Galaxy S4 “just a so-so smartphone”. Apple, meanwhile, was also criticised by Huawei CEO Richard Yu as he stated Apple was slipping and that Huawei “wanted to go higher than them”.

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