Huawei ignores downturn, grows profit in 2008
"Loss" is a buzzword in the last couple quarters' worth of earnings reports from virtually every major manufacturer, but Huawei has somehow managed to operate in some bizarro La-La Land seemingly immune from the economic disaster unfolding around it. In 2008, the private Shenzhen-based firm posted an annual net profit of $1.15 billion, up some 20 percent from the year prior; it lost $776 million in the process due to the yuan's gains against the dollar, but that's still extraordinarily impressive. Interestingly, a majority of Huawei's business comes from outside China, suggesting that carriers around the world are looking outside traditional infrastructure suppliers like Ericsson, Alcatel-Lucent, and Nokia Siemens to save a few bucks -- notably including Cox for its upcoming 700MHz buildout. 2009 might be a bit weaker thanks to soft demand in Europe, but still, they're predicting a whopping 29 percent growth in contract wins. Good to see some serious success in a down market, isn't it?
[Via mocoNews]
