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 and Nokia 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]