Huawei turnover increases

Huawei has also said it expects to return an operating profit of 18.3 percent for the six months to June this year. Last year Huawei reported a 10.8 percent rise in its first-half revenue. The company reported 12.2 percent growth in its operating margin in 2013.

Huawei's revenue and earnings have climbed steadily in recent years, helped partly by stronger domestic demand for faster networks, but also driven by its growth overseas, particularly in Europe, the Middle East and Africa. It has diversified from it earlier focus on telecoms network equipment (in which it still trails well behind American leaders like Cisco Systems and Juniper Networks) and is now becoming a major contender in the the competitive smartphone sector.

Huawei is now the third largest manufacturer of smartphones, having sold 13.7 million in the first quarter of 2014. Cathy Meng, the firm's CFO, said the firm “achieved quality and sustainable growth in our consumer business thanks to the increase of brand awareness and smart devices sales worldwide.” She added that: “Driven by increasing investments in LTE networks worldwide, Huawei has further solidified its leadership position in mobile broadband. Rapid growth in software and services helped maintain steady growth in our carrier network business.”