The share price of Huawei rose today (March 31st) after the company revealed a sharp rise in its profits in its latest financial results for the full year 2013.
It was announced by the company that profits were up by more than 30 per cent to 21 billion yuan (£2 billion), which is a steep rise compared with 15.6 billion yuan the year before.
Huawei current chief executive Eric Xu stated that the new results show the firm was able to hit its business goals for 2013, which he said was down to "the favourable global macroeconomic and industry environment, as well as the effective execution of our company strategy".
Revenue is now expected to grow by a further ten per cent this year and the company stated that it is aiming for global sales of $70 billion by 2018.
Huawei became the third-biggest smartphone manufacturer globally over the course of last year, which is partly due to the growing middle class in the Far East. These individuals have an increasing demand for products such as smartphones and Huawei is among the Asian companies to be exploiting this new market with great success.
Mr Xu added that Huawei has never been as closely connected to the rest of the world as it is in 2014. He said: "This level of connectivity has two implications. First, ICT technologies have been deployed in more than 170 countries and regions, helping more than 3 billion people connect to the world, communicate anytime, anywhere, and easily acquire and share information."
The Huawei chief executive also pointed out that significant global presence has helped the company to achieve stable and continuous growth in its carrier network, enterprise, and consumer businesses in the last 12 months.
Following the release of the latest financial results for the company, the share price of Huawei rose strongly on the Shenzhen Stock Exchange in China. By the close of the session, stocks in the firm were trading more than three per cent up on the start of the day.
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