China's Huawei posts slower first-half revenue growth

By KELVIN CHAN Markets Associated Press

China's Huawei Technology said Thursday first-half revenues at its telecoms equipment and smartphone businesses expanded at a slower pace than the year before.

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The company, which is one of the world's biggest telecoms gear makers, reported that sales grew 15 percent to 283.1 billion yuan ($42 billion) in the first six months of the year. That's down from 40 percent growth a year ago.

Consumer sales, which includes Huawei's smartphone unit, expanded 36.2 percent to 105.4 billion yuan ($15.6 billion), compared with last year's 41 percent pace.

Huawei said the numbers were not audited. It did not disclose profit figures.

Its smartphone shipments rose 21 percent to 73 million smartphones in the first half. Huawei is the third world's biggest smartphone maker, with 10 percent of the global market as of May, putting it behind Samsung and Apple, according to research firm IDC.

The company, based in the mainland Chinese city of Shenzhen, next door to Hong Kong, is owned by employees with no publicly traded shares. Founded in 1987 by a former military engineer, it has released financial results in recent years to try to allay security concerns in the United States and Europe.