Business / Companies

Huawei predicts solid revenue growth

By SHEN JINGTING ( Updated: 2014-04-24 07:58

Chinese telecom giant Huawei Technologies Co said it expects revenues to rise by 10 percent year on year in 2014 and to hit $70 billion by 2018.

Chen Fanchang, vice-president of accounting, said on Wednesday that the company achieved an efficient, stable and sustainable development last year, and the momentum is likely to carry on.

"Huawei will pay more attention to the pipeline strategy in the future," Chen said in an analyst conference on Wednesday in Shenzhen, where the company is headquartered.

Established in the 1980s, Huawei has now built up a solid relationship with telecom carriers worldwide, helping them to deploy networks with different information technologies, such as the fourth generation, or 4G, Long-Term Evolution technology. Huawei is currently researching 5G and cloud computing technologies.

Huawei’s sales increased by 8.5 percent year on year to $39.5 billion in 2013. Eric Xu, rotating and acting chief executive officer, attributed the strong performance to the improved global macroeconomy, a better business environment and effective execution of corporate strategy.

Xu said he expects Huawei to grow into a $70 billion company by 2018, with sales doubling in the following four years.

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