2018 was a turbulent year for Huawei in the U.S., but it looks like its troubles haven't had any impact on the company's bottom line. In spite of political headwinds in Western markets, Huawei posted revenues of $107 billion (721.2 billion yuan) for the year, surpassing the $100 billion mark for the first time. Overall revenue was up 19.5% from 2017, and Huawei also managed to net a profit of $8.8 billion (59.3 billion yuan), an increase of 25%.
The driving force for the uptick is the consumer business, where Huawei recorded a massive $52 billion (348.9 billion yuan) in revenue for the year. This is also the first time the consumer business accounted for a majority of the revenue, with year-on-year numbers increasing by a massive 45.1%. Huawei ended up selling over 200 million phones last year, and if early pre-order figues of the P30 series are any indication, that momentum is set to continue this year.
Sales from its network equipment division accounted for a decent chunk of the revenue, with the unit bringing in $43.9 billion (294 billion yuan). That number was slightly less than the $44.4 billion the unit posted in 2017, but that was to be expected considering the backlash Huawei is facing in this space from the U.S., Australia, New Zealand, and the UK.
Huawei is set to continue its double-digit growth this year, with revenue for January and February seeing a YoY increase of 30%. But with 5G on the horizon and the manufacturer getting locked out of key markets, it'll be interesting to see if it can sustain its growth figures.