Huawei’s revenue increased by 16% last year to a whopping $46 billion

Chinese telecoms equipment maker Huawei Technologies expects advances in cloud computing and higher demand for smart devices to have lifted 2014 sales revenue by 15 percent to $46 billion, CEO Ken Hu said in a new year’s message on the company’s website. The Shenzhen-based company, for which three executives share CEO duties in six-month rotation, had said last year that it will achieve sustainable growth in 2014. It had also targeted revenue of $70 billion by 2018, or annual growth of about 10 percent a year. Huawei’s smartphone shipments rose by more than 40 percent last year, according to an internal memo seen by Reuters, failing to match its own target and the performance of faster-growing rivals such as Xiaomi.