Huawei laughs all the way to the bank

scrooge-mcduckWhile its rivals, Samsung and Apple are in trouble, it would appear the Chinese telecoms outfit Huawei is doing rather well.

The company has become the first Chinese handset vendor to ship more than 100 million smartphones annually and ignored the market slowdown.

Its smartphone shipments rose 44 percent annually to 108 million in 2015, thanks to strong sales in China and Western Europe.

Hauwei’s upbeat performance comes at a time when industry leaders are facing a tough year ahead. Samsung said it expected a difficult business environment in 2016 due to weak global economy and heightened competition, while a Nikkei report said Apple was expected to cut production of its latest iPhone models by about 30 percent in the January-March quarter due to mounting inventories.

Analysts have warned that it was too early to say if Huawei could become a serious rival to Samsung and Apple, as smaller Chinese players such as Xiaomi and Lenovo often swapped rank in price wars. But it could be sucking up all the smaller Chinese android rivals.

Huawei remains a distant third, with a smartphone market share of 7.5 percent in the third quarter after Samsung’s 23.8 percent and Apple’s 13.5 percent.

Huawei said revenue for its consumer business group, which sells products such as smartphones and tablets, jumped 70 percent year-on-year to $20 billion in 2015.