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

Huawei may have fallen short of its goal to ship 80 million smartphones in 2014, but considering how the Chinese electronics giant managed to rake in $46 billion in revenue, I doubt that any at Huawei is very upset right now. As with many Chinese electronics companies, Huawei has been experiencing explosive growth in recent years and doesn’t look to be slowing down any time soon. 

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.