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China's Huawei posts flat 2016 profit, revenue growth slows
March 31, 2017 / 3:07 AM / 8 months ago

China's Huawei posts flat 2016 profit, revenue growth slows

HONG KONG (Reuters) - Chinese telecom equipment and smartphone maker Huawei Technologies Co Ltd said on Friday that net profit edged up just 0.4 percent last year, its slowest annual growth since 2011.

People walk past a sign board of Huawei at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China May 12, 2016. REUTERS/Aly Song/Files

Huawei, the world’s No. 3 smartphone maker behind Apple Inc and Samsung Electronics Co Ltd, said net profit rose to 37.1 billion yuan ($5.3 billion)

Global revenue climbed 32 percent to 521.6 billion yuan, slightly slower than 35 percent growth a year earlier.

Revenue from its consumer business group rose 44 percent to 179.8 billion yuan ($25.9 billion), lagging the company’s own forecast of $30 billion made a year ago. It shipped 139 million phones last year.

Revenue from its carrier business rose 24 percent to 290.6 billion yuan.

Reporting by Sijia Jiang; Editing by Anne Marie Roantree and Edwina Gibbs

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