Huawei says it will hit $100 billion in 2018 revenues

Huawei’s revenues will in 2018 surpass $100 billion for the first time, a top boss at the Chinese tech giant said Thursday.

Speaking to CNBC in Mandarin via a translator, Eric Xu, one of the rotating chairmen at Huawei said that business is growing “slightly better” than had been expected.

“There is no problem that we can hit the $100 billion mark,” Xu said, in a translation that was verified by CNBC.

Xu did not elaborate on what had been driving growth.

Huawei generated 325.7 billion yuan in revenue for the first six months of 2018, or around $49 billion, according to the exchange rate at the end of that reporting period.

For all of 2017, the Chinese firm reported revenues of $92.5 billion based on year-end exchange rates.

The growth so far has been driven by strong performance in a variety of businesses, especially the consumer division which has continued to rise. Huawei is now the world’s second-largest smartphone maker by market share, ahead of Apple.

Source: CNBC