Reuters: Technology News: Huawei on track for 10 percent revenue growth in 2013

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Huawei on track for 10 percent revenue growth in 2013 Jul 24th 2013, 03:14 Tweet Share this Email Print Related News REFILE-UPDATE 2-Ericsson profit miss sours hopes of quick turnaround Thu, Jul 18 2013 Samsung Electronics' second quarter misses forecast as smartphone worries deepen Fri, Jul 5 2013 Samsung on track for record second-quarter profit as smartphone peak looms Thu, Jul 4 2013 Nokia to buy out Siemens equipment venture; shares surge Mon, Jul 1 2013 Analysis & Opinion Tracking Sensex: top gainers, losers this week The mysterious agency that can block a global merger A man looks at a Huawei mobile phone as he shops at an electronic market in Shanghai January 22, 2013. Credit: Reuters/Carlos Barria SINGAPORE | Tue Jul 23, 2013 11:14pm EDT SINGAPORE (Reuters) - Huawei Technologies Co Ltd, the world's second largest telecom equipment maker, said on Wednesday it was on track to achieve 10 percent revenue growth in 2013 after posting a 10.8 percent increase in first-half sales. Huawei also said it expected to generate a net profit margin of 7-8 percent in 2013, compared with about 7 percent in 2012, according to Reuters' calculations. The company did not give other figures in its brief statement. "Our success in the first half of 2013 was mainly driven by the steady growth of the carrier network business, the expansion of the enterprise business, and the fast growth of the Consumer business," Huawei's CFO Cathy Meng said in the statement. "From these positive indicators, we believe Huawei will generate strong performance and profit margins in the second half of this year," she added. Huawei's sales growth in the first half was better than the 11.6 percent fall in first-half revenues flagged by competitor ZTE Corp, the world's fifth largest telecom equipment maker, this week. ZTE, however, said it expects to net profits to increase 23.5 percent due to a series of cost-cutting measures and sales of non-core assets. Global rival Ericsson, the world's biggest mobile network maker, also posted a second-quarter operating profit that was well below expectations. Last year, Huawei reported a 22 percent fall in its first half operating profit due to weak spending in the telecom sector. For the full year of 2012, its net profit rose by a third after clinching new telecom projects and smartphone sales. (Reporting by Lee Chyen Yee; Editing by Miral Fahmy) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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