Huawei’s enterprise, consumer units set it to record profits
A 15.7% growth in revenues in 2017 sees annual income approach US$ 100 billion
Huawei's enterprise business grew by a massive 35.1% in 2017 compared to a year earlier, setting up the company for annual net profits of US$7.3 billion.
The consumer business added US$36.4 billion to annual revenues, a 31.9% increase year-on-year. The company shipped a total of 153 million smartphones, inclusive of the flagship Huawei and Honor brands.
Announcing the 2017 annual financial results, Ken Hu, Huawei's Rotating Chairman, said the company will continue to increase investment in technological research over the next decade, investing more than 10 billion dollars back into R&D every year. “We will actively pursue open collaboration, attract and cultivate top talent, and step up efforts in exploratory research. We want to better enable all industries to go digital and intelligent."
The company's total annual revenue was US$92.5 billion, an increase of 15.7% over 2016. Net profits increased 28.1% year-on-year to hit US$7.3 billion. In 2017, Huawei's annual investment in research and development reached US$13.8 billion, up 17.4% compared with 2016. The company's total R&D spend over the past decade has exceeded US$60.4 billion, the company said.
In 2017, Huawei's Carrier business group generated CNY297.8 billion (US$45.7 billion) in revenue, an increase of 2.5% year-on-year.
Huawei set up a Cloud Business Unit in 2017, which launched 99 cloud services across 14 major categories, and over 50 solutions. The company also unveiled the Enterprise Intelligence (EI) platform, and developed over 2,000 cloud service partners.