Huawei posts solid business growth for FY17 amid ‘non-stop innovation’

Huawei has announced its audited financial results for 2017, reporting “solid business growth.”

The company’s total annual revenue was CNY603.6 billion (US$92.5 billion based on year-end exchange rates), a jump of 15.7% over 2016. Net profits came in at CNY47.5 billion (US$7.3 billion), an increase of 28.1% year-on-year.

In 2017, Huawei’s annual investment in research and development hit CNY89.7 billion (US$13.8 billion), up 17.4% compared with 2016. Its overall R&D spend over the past decade has exceeded CNY394 billion (US$60.4 billion).

“We’re on a new journey,” said Ken Hu, Huawei’s rotating chairman. “Opportunities and challenges are popping up faster than ever before, and non-stop open innovation is the only way we can keep ahead of the game. Over the next 10 years, Huawei will continue to increase investment in technological innovation, investing more than $10 billion back into R&D every year.”

Hu said the firm would be actively pursuing open collaboration, attracting and cultivating talent, and ramping up its exploratory research drive. “We want to better enable all industries to go digital and intelligent,” he said. “As we look to 2018, emerging technologies like the Internet of Things, cloud computing, artificial intelligence and 5G will soon see large-scale application.”

In 2017, Huawei’s carrier business group generated CNY297.8 billion (US$45.7 billion) in revenue, a rise of 2.5% year-on-year, driven by a key focus on helping global carriers maximize the potential of their existing network assets as well as capitalise on new opportunities in video, IoT, and cloud markets.

Huawei’s enterprise business group, meanwhile, improved innovations in cloud, big data, campus networks, data centers, IoT, and other domains, and drove extensive application of its products and solutions for a range of vertical industries, the firm said. In 2017, Huawei’s enterprise business generated CNY54.9 billion (US$8.4 billion) in annual revenue, an increase of 35.1% compared with 2016.

Huawei said that within its consumer business, the Huawei and Honor brands charged full speed ahead, noting rapid growth in their respective markets. Huawei shipped a total of 153 million smartphones (including Honor) in 2017, and reported CNY237.2 billion (US$36.4 billion) in annual revenue, up 31.9% year-on-year.

The firm also highlighted having established a cloud business unit in 2017, which launched 99 cloud services across 14 major categories, and some 50 services. In addition, it unveiled the Enterprise Intelligence (EI) platform.

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