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Huawei's H1 revenue up 30 pct at $28 billion

Huawei's H1 revenue up 30 pct at $28 billion
July 20, 2015
HONG KONG - Huawei Technologies Co Ltd, one of the world's largest telecom equipment makers, on Monday posted a 30 percent increase in first-half revenue to 175.9 billion yuan ($28.3 billion) and said it would achieve "effective growth" in 2015. The Shenzhen-based company, which competes with Sweden's Ericsson for the top spot in the global market for communications towers and other infrastructure, posted an operating margin of 18 percent in the first six months of 2015, compared with 18.3 percent in the previous half-year. The private company did not elaborate in its brief statement. "Huawei achieved stable and healthy growth in all of its three business segments," Huawei CFO Meng Wanzhou said in the statement, referring to the company's telecom, consumer device and enterprise business segments. "We are confident that we will maintain effective growth and steady and healthy development in all business segments in 2015." Huawei earlier this year set a target of 20 percent growth in global revenue for 2015. Last year, Huawei reported a 19 percent rise in its first-half revenue. The company reported an operating margin of 11.9 percent in 2014. Huawei had targeted overall revenue of $70 billion by 2018, which translates as roughly 10 percent annual growth. It posted 21 percent revenue growth last year. ($1 = 6.2094 Chinese yuan renminbi) - Reuters
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