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Huawei Expects 2013 Profits to Rise by Nearly a Third

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Huawei is expecting to post a rise in profits of nearly a third during 2012, according to an internal memo sent by acting Chief Executive Officer Guo Ping.

Net profit is expected to rise by around 29% to USD2.4 billion compared to the USD1.9 billion in 2012. Revenues are expected to rise from USD32 billion to USD35 billion over the same period he wrote in the memo which has been seen by the Reuters news agency.

"We should devote our limited energy to specific business objectives, and avoid the impulse to expand business blindly," Guo said. "Managers who expand business blindly must be held accountable."

He did not provide any break down though of how the revenues would be split between the infrastructure, services or handset divisions.

The rise in revenues and profits comes despite the company's ongoing setbacks in its attempts to increase its presence in the key US market.

On the web: Reuters

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Tags: huawei  China