Huawei: 2008 was a great year, 2009 will rock as well!
By Dusan Belic on Monday, April 27th, 2009 at 1:35 AM PST In Announcements, Financial/Corporate News
Huawei hasn’t heard of recession. In 2008, the Shenzhen, China-based company posted an annual net profit of $1.15 billion, growing about 20% from the year before. In the process, however, they’ve lost $776 million, due to yuan’s gains against the dollar. That’s still impressive in the current economic conditions.
A majority of Huawei’s business came from outside China, suggesting carriers around the world are looking beyond their traditional suppliers such as Ericsson, Alcatel-Lucent (NYSE: ALU) and Nokia (NYSE: NOK) Siemens, in an effort to save few bucks here and there. As a proof, we have the cable provider Cox picking Huawei as one of the suppliers for its upcoming 700MHz network buildout.
As for this year, the tough times may be ahead for majority of companies — especially for those trying to sell their goods in Europe, but Huawei plans to grow at rate of 29%. Impressive, again!
[Via: Engadget Mobile]
Huawei is closing to Cisco. The end of the game is already visible, within 5-6 years Huawei will become the number one telecom hanrdware provider in the world.