Huawei profit stays flat, revenue growth slows

Chinese telecom equipment and smartphone maker Huawei Technologies Co Ltd said that its net profit edged up just 0.4 percent last year, its slowest annual growth since 2011.

Huawei — the world’s No 3 smartphone maker behind Apple Inc and Samsung Electronics Co Ltd — said net profit rose to $5.3 billion (37.1 billion yuan) in 2016.

The company’s global revenue climbed 32 percent, slightly slower than the 35 percent growth a year earlier.

Strong competition in China’s smartphone market, from previously little-known local rivals OPPO Electronics Corp and Vivo Communications Technology Co Ltd, cost Huawei its top spot as the biggest vendor in the domestic market last year.

Revenue from Huawei’s consumer business group rose 44 percent to $26 billion, but lagged the company’s forecast of $30 billion made a year ago. (Photo 2)

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