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Huawei's profits jump

Chinese smartphone and network equipment maker Huawei has posted a 40 percent rise in sales revenue for the first half of the year.

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Huawei's profits jump

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There’s been a huge revenue jump for Huawei Technologies – China’s largest telecommunications equipment maker.

It posted a 40 percent rise in sales revenue in the first six months of the year to 245.5 billion yuan (33.5 billion euros). That compares with a 30 percent rise for the same period last year.

The privately owned company has set itself a revenue target the equivalent of 68 billion euros for this year and said it would “maintain current momentum”.

Best known as the world’s third-largest smartphone brand, Huawei competes with Sweden’s Ericsson for the top spot in the global market for telecoms networking and exchange equipment.

“We are confident that Huawei will maintain its current momentum, and round out the full year in a positive financial position backed by sound ongoing operations,” Chief Financial Officer Sabrina Meng said in the statement.

“We achieved steady growth across all three of our business groups, thanks to a well-balanced global presence,” Meng said, referring to the company’s telecom, consumer device and enterprise business segments.

Huawei recently sued South Korea’s Samsung for compensation over alleged unlicensed use of its technology and is on the receiving end of a similar law suit from Samsung.