Huawei has received some positive financial news as it looks to broaden its technology offering.
The smartphone manufacturer, which is looking to move into the Internet of Things (IoT) market, announced revenue growth of 30 per cent over the first six months of 2015.
The Chinese company confirmed that revenue grew by 175.9 billion yuan (£18 billion) over the period, while operating profit increased by 18 per cent. The success is being largely driven by the growth of its smartphone business, although forays into cloud computing have also been well received.
Highlighting the impressive nature of the figures, the growth in revenue is the fastest rate of expansion since Huawei began recording half-year revenue in 2011.
Huawei is the fourth largest smartphone manufacturer in the world behind Samsung, Apple and Lenovo, but the Chinese firm has set its sights on other revenue streams. Its LiteOS operating system was announced earlier this year and is aimed at the growing number of IoT devices. The company is also launching its own 4.5G network, which will offer faster speeds and greater capacity than is currently available.
According to a leaked internal memo seen by the Financial Times, Huawei also believes that it will easily meet its sales target of 100 million handsets before the end of the year, with monthly sales currently exceeding 10 million units.
Huawei was founded in 1987 and although the majority of its smartphone sales are based within its native China, its international brand recognition is growing. It is also manufacturing one of Google’s upcoming Nexus handsets, which is likely to further boost the company’s popularity overseas.