Huawei recorded a net profit of $5.3 billion, almost flat compared to previous year.
Huawei reported revenues of 521.6 billion yuan ($75.1 billion) for 2016, an increase of 32% compared to the previous year, according to the company’s latest financial report. Net profits for full 2016 were 37.1 billion yuan($5.3 billion), an increase of 0.4% year-over-year.
The vendor’s carrier business unit generated 290.6 billion yuan($41.8 billion) in revenue last year, an increase of 24% year-over-year. Huawei explained the growth was achieved by focusing on digital transformation and leveraging major opportunities in cloud, video, the internet of things and operations transformation for carrier customers.
Meanwhile, Huawei’s enterprise business unit generated revenues of 40.7 billion yuan ($5.9 billion) in 2016, an increase of 47% versus the previous year.
The company’s consumer business unit shipped 139 million smartphones in 2016, and reported 179.8 billion yuan ($25.9 billion) in annual revenue, a 44% year-over-year increase.
“Huawei was operationally healthy in 2016, with ample cash reserves, a solid and sustainable capital structure and high resilience against risk,” said CFO Sabrina Meng, in a statement. “In 2017, we will continue to boost the efficiency and quality of our operations to ensure solid growth.”
The Chinese vendor invested 76.4 billion yuan ($11 billion) for research and development last year.
APAC to hit 1 billion IoT cellular connections by 2025
The Asia-Pacific region is forecast to have 1 billion IoT cellular connections by 2025, according to a recent study by Strategy Analytics.
The study found the automotive, utility and security vertical markets will drive growth in connections across the region over the forecast period. Strategy Analytics expects global IoT cellular connections to grow to more than 2.4 billion in 2025, with automotive, utilities and security together accounting for more than 46% of global connections.
