Huawei Q1 Revenues Up 40% As It Ignores CIA Allegations And Targets Samsung

From Forbes: Huawei was outed this week by CIA intelligence for allegedly receiving "funding from branches of Beijing’s state security apparatus... American intelligence shown to Britain says that Huawei has taken money from the People’s Liberation Army, China’s National Security Commission and a third branch of the Chinese state intelligence network."

But that hasn't disrupted the company's unstoppable growth. On Monday, the company announced business results for the first quarter of 2019 that showed revenues up almost 40% year-on-year to CNY179.7 billion (US$ 27 billion), with net profits up as well, albeit more marginally. This follows results for 2018 that saw revenues up 19.5% and profits up 25%.

With Samsung's entirely different flavor of results released earlier in April, showing the "steepest Q1 profit slide in 4 years" and broadly flat smartphone sales, Huawei's aggressive claims that they have Samsung in their sights should be taken seriously. If Samsung smartphone sales remain under pressure and Huawei maintains this level of growth, the contest for top spot will be very interesting by year-end. Huawei execs have in the past set 2020 as the target for overtaking Samsung.

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