China's Huawei profit up 25% in 2018 despite United States pressure

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Huawei hit back at Washington earlier this month by suing the United States over a law barring USA government agencies from engaging with Huawei or with third parties that use the company's products, which has crippled Huawei in that lucrative market.

Despite the security flaws identified in the report Thursday, British authorities said they do not believe the defects were a result of "Chinese state interference" and the report did not find that Huawei was giving the Chinese government backdoor access as the USA is warning.

"Throughout this process, Huawei will continue to strictly comply with all relevant standards to build secure, trustworthy, and high-quality products".

The biggest rises come from the smartphone sector (well, it wasn't going to be network equipment, was it?) following the release of two massive phone ranges - the P20 and Mate 20, which have catapulted the Chinese company into the biggest of the big leagues.

He also hinted that Huawei's market dominance made it a crucial player in the global 5G rollout that could not be sidelined.

Profit rose 25.1 percent to 59.3 billion yuan ($8.6 billion). It's a case of a lack of basic engineering competence and cybersecurity hygiene, not of a dedicated backdoors for espionage - states the oversight group about Huawei.

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Despite that, Huawei's sales a year ago rose 19.5 percent over 2017 to 721.2 billion ($105.2 billion), according to Guo.

Despite all this, Huawei managed to sell more than 200 million phones in 2018, and ended the year as the third largest smartphone maker by shipment, after Samsung, and Apple. Guo said the company is highly likely to achieve double-digit growth this year, despite growing geopolitical pressure amid the worldwide security debate over 5G.

Huawei's founder, Ren Zhengfei, told reporters earlier this year the latest USA criticism had yet to hurt sales. New Zealand and Australia have already banned use of Huawei's equipment and Canada is also expected to do the same.

Huawei has confirmed it will spend $2bn to address the UK's security concerns. But this year the company show incredible growth.

Mr Guo said that as of last month, Huawei had signed more than 30 5G commercial contracts and shipped more than 40,000 5G base stations.

If Guo is trying to win over USA officials, he is going about it the wrong way.

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