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Huawei says profits increased by 33 percent in 2012, despite US security concerns
Huawei today announced details about its 2012 financial performance, amid lingering security concerns over the company's alleged ties to the Chinese government. At a press conference held Monday, Chief Financial Officer Cathy Meng said Huawei's net profits rose by 33 percent last year, reaching 15.4 billion yuan ($2.5 billion). This marks a notable turnaround from 2011, when the phone manufacturer saw profits of 11.6 billion yuan ($1.9 billion).
Huawei, which played a prominent role at this year's CES, said its 2012 revenue rose by 8 percent on the year to 220.2 billion yuan ($35.4 billion), and expects sales to rise by as much as 12 percent in 2013. The Chinese company remains privately held, though Meng said Huawei has an "open mind" to the possibility of going public.
The manufacturer says it's seen strong growth in Europe, Africa, and Asia, though the company's US penetration has been hampered by allegations that the company has been less than transparent about its relationship with the Chinese government. An October US Congressional report labeled Huawei and ZTE as a national security risk, citing concerns over possible espionage, though the Huawei has steadfastly denied such allegations. The company says this week's financials report is part of a broader effort to "honor our commitment to transparency.''