Huawei, the Chinese telecom equipment and consumer electronics manufacturer, has joined the likes of Google and Apple after reporting revenue of $107.13 billion in 2018.
Huawei’s annual revenue report showed a 19% increase. In 2018, Huawei’s sales reached an all-time high with their consumer business division growing 45%, accounting for US$52 billion in total revenue, while the enterprise business division saw an increase of 24%.
Sales in the carrier business remained within similar levels to the previous year netting around US$43 billion. A spokesperson for the company said the lack of growth in the carrier division could be caused by the rollout of 4G devices while the company has been working on the launch of 5G technology. Huawei has just created the first 5G mobile phone to be EU-certified. The technology is set to be over one hundred times faster and fifty times more responsive than 4G.
The company has, however, been faced with a number of setbacks over security concerns recently. Huawei’s CFO Meng Wanzhou was arrested in Canada in December 2018, at the request of the US. Meng Wanzhou is accused of committed fraud by lying to US banks about her Huawei’s ties to a telecoms company that did business in Iran, and that the business was a breach of sanctions on Iran.
President Trump’s administration has continued to voice concerns over the company and has moved to ban US telecom companies from using Huawei’s equipment for their 5G networks, citing security concerns. Australia and New Zealand have also now followed suit.
Guo Ping, one of the rotating Chairman at Huawei, said in a press release “Moving forward, we will do everything we can to shake off outside distractions, improve management, and make progress towards our strategic goals.”