Huawei on Thursday announced its consolidated financial results for the first half of the year, stating that its Consumer Business Group performed above expectations and led the Chinese conglomerate to a successful financial period. The tech giant's total revenue in the first six months of the year amounted to $42.04 billion, with an operating profit margin of 11 percentage points. The figure represents a 15 percent increase year-on-year, though it's still said to be the slowest growth experienced by the firm in the last four years. Huawei is quick to highlight the fact that while its revenue growth has been slowing down in recent times, it's becoming increasingly more diversified. Despite the fact that the company's consumer electronics unit is still its flagship growth engine, its enterprise and telecommunications divisions are now gradually improving their performance, signaling that the Shenzhen, China-based tech giant will be even more sustainable in the long term, provided that it manages to maintain that traction.
For the time being, the Huawei Consumer Business Group continues to spearhead all growth, having posted $15.65 billion in sales in the first half of the year, a 36.2 percent increase compared to H1 2016. The strong performance in the segment of consumer electronics is most evident by the fact that Huawei is still holding the title of the third largest phone vendor in the world by shipments and is unlikely to be challenged by any other OEM in the immediate future.
Huawei's latest financial statement comes shortly after Canalys released a study that found the mobile unit of the Chinese tech giant managed to maintain its traction in its home country in the second quarter of the year and continue leading the local market. While the company is currently gradually expanding its horizons in terms of its product portfolio and target audiences, the Far Eastern country is still the largest smartphone market on the planet and one that Huawei will have to continue to serve as efficiently as possible if it hopes to ever realize its ambitions to overtake Samsung and Apple and become the largest phone maker in the world. The original equipment manufacturer (OEM) stated that it expects the second half of the year will also yield positive commercial performance and help the company pave the way for its future endeavors.