14 DAY TRIAL // The global smartphone market is said to have hit saturation, but Chinese smartphone manufacturer Huawei seems to have found a way to turn things around and make consumers interested in its products. The company has recently posted a 40% rise in revenues, boosted by growing smartphone sales.
Reuters reports that one of the world’s largest smartphone manufacturers, Huawei, saw a 40% increase in sales over the first half of 2016. The company has said that it wishes to “maintain current momentum” this year, and it should, considering that some have said the market is overflooded.
Huawei reported sales revenues of about $36.8 billion during the first half of 2016 while operating margin fell to 12% from 18% in the previous six months. In the report, Chief Financial Officer Sabrina Meng states that Huawei intends to “round out the full year in a positive financial position backed by sound ongoing operations.”
Huawei plans to reach a revenue target of $75 billion this year
Chief Financial Officer Sabrina Meng adds that the company reported steady growth across all three business groups. Earlier this year, Huawei set a revenue target of $75 billion for 2016, and now it is well on its way to achieving it. Huawei grew in the past year, as the company reported a 30% rise in revenues during H1 2015.
The company is on the right track, considering that it released powerful smartphones these past six months, including Huawei P9 and P9 Plus. The devices came with Leica dual-camera setups and other top-notch specs. Just last month, Fierce Wireless reported that Huawei saw “unprecedented global sales” for the two devices, shipping 2.6 million phones within the first six weeks of availability.
The company has also seen its share of the worldwide smartphone market up 8.5 percent. Considering these numbers, Huawei may have a small chance to take up big handset manufacturers like Samsung, which it recently sued for copying a technical feature.