Huawei Expects 21% Revenue Jump Despite Global Crackdown Against Company
In his message for the new year, the chairman of the Chinese tech giant said the company expects revenue of $109 billion for 2018, marking its fastest pace of growth in two years.
Huawei Technologies said it expects to record a 21 percent increase in revenue in 2019 despite the challenges in the global market that the Chinese tech giant has faced.
The rotating chairman of Huawei, Ping Guo, said in a statement this week that the company is looking at revenue of $109 billion for the full year, marking its fastest growth in two years.
The guidance came after the world's largest telecom equipment maker and the second-largest smartphone seller has met heightened scrutiny from the United States, Australia, New Zealand, Japan, and recently, the UK. The countries started barring Huawei's equipment on concerns that the company's alleged ties to the Chinese government could enable spying.
The company's chief financial officer, Sabrina Meng, who is also the daughter of founder Ren Zhengfei, was arrested and released on bail in Canada earlier this month as the U.S. alleged she defrauded banks with Iran-related transactions.
Reuters reported on Thursday, citing sources, that the White House is mulling an executive order as early as January that would bar U.S. companies from using telecommunications equipment made by Huawei and ZTE Corp., in the latest hit to China's two largest telecom equipment makers.
Huawei has repeatedly insisted Beijing has no influence over it.
In his new year's message titled "Fire is the Test of Gold," Guo said, "Setbacks will only make us more courageous, and incredibly unfair treatment will drive us to become the world's number one."
Guo said Huawei has secured 26 commercial 5G contracts, making it the largest 5G vendor in the world.
In August, Huawei forecast smartphone shipments exceeding 200 million for the year.
(Reuters contributed to this article)