Huawei reports 2014 profit up 33 percent, helped by strong smartphone sales

Industries Associated Press

Huawei Technologies Ltd., one of the world's biggest makers of telecommunications equipment, says its 2014 profit rose 33 percent, helped by strong sales of smartphones.

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Huawei said Tuesday it earned 27.9 billion yuan ($4.5 billion) last year. Revenue rose 20.6 percent to 288.2 billion yuan ($46.5 billion).

Huawei is privately held but has released annual results in recent years in an attempt to ease concern in the United States and some other countries that the company might be a security risk.

The company, based in the southern Chinese city of Shenzhen, said smartphone sales rose 32.6 percent last year to 75.1 billion yuan ($12 billion).