A man uses his phone as he walks past a Huawei store in Beijing, China, December 19, 2018. REUTERS/Thomas Peter
HONG KONG (Reuters) – Huawei Technologies [HWT.UL] is expected to record a 21 percent jump in revenue for the years 2018 to $109 billion, the rotating president said, the highlight of the Chinese tech giant with the fastest pace of the growth of the business in two years, despite the increased global control of its activities.
In his speech to the staff, Guo Ping also said Huawei has secured 26 5G contracts and expects the smartphone shipments for 2018, to exceed 200 million units.
The company flagged earlier this month that the annual turnover is expected to exceed $100 billion for the first time and that it had secured more than 25 commercial 5G contracts, making it the largest 5G supplier in the world. In August, Huawei forecast smartphone shipments of more than 200 million for the year.
Huawei is the world’s largest telecom equipment maker and second largest smartphone seller. It has, under international pressure this year, after the United States and its allies, including Australia and New Zealand began with the blocking of equipment to ensure that they can enable espionage by China. Huawei has repeatedly urged Beijing has no influence on this.
The chief financial officer Sabrina Meng, who is also the daughter of the founder Ren Zhengfei, was arrested and released on bail in Canada, earlier this month, as the U.S. alleged they defrauded banks with Iran-related transactions.
Reuters reported on Thursday, citing sources that the White House is mulling an executive order in January that would bar AMERICAN companies from the use of telecommunications equipment from Huawei and ZTE, in the latest hit to China, the two largest telecom equipment manufacturers.
Huawei and ZTE declined to comment.
While Mix was released on C$10 million ($7.35 million) bail on Dec. 11, China has since held two Canadians in what is seen as a tit-for-tat reaction to Mix the detention.
Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman