Huawei Technologies warned of its slowest revenue growth since 2013, despite making headway against Apple in global smartphones.
Revenue at China’s biggest telecommunications gear maker probably rose 15 per cent to 600 billion yuan (US$92 billion) in 2017, rotating chief executive Ken Hu said in a letter to staff posted on the company’s verified WeChat account. That’s down from 2016 when sales jumped 32 percent. The company shipped 153 million smartphones.
Shenzhen-based Huawei has used a vast cash-generating networking business to bankroll a successful foray into smartphones, using high-end but affordable devices to push aside local rivals such as Oppo and Xiaomi. Together with local peers, it’s played a critical role in squeezing Apple and Samsung out from the country’s top sellers, though Apple is now counting on the iPhone X to help it win back status-conscious Chinese. But telecoms spending -- its biggest source of revenue -- is stagnant as construction of next-generation networks hasn’t taken off.
“Our carrier business was affected by market investment trends but remains stable,” Hu, one of several Huawei executives who take up the chief executive post on a rotating basis, wrote in his memo. “The market’s fluctuations makes us more determined to team with carriers to explore and grasp” future opportunities.
Founded in 1987 by former army engineer Ren Zhengfei, Huawei has grown into one of China’s largest and most diverse private corporations.
Huawei’s now stepped up an expansion into overseas markets such as Europe and is said to be in talks with US carriers about selling its phones on Apple’s home turf. Ranked third globally, the Chinese company took 10.4 per cent of global shipments in the third quarter versus its U.S. rival’s 12.4 per cent, according to research firm IDC.
The Chinese brand is steadily moving deeper into higher-end phones, selling devices priced as high as 8,999 yuan.
Next year may prove pivotal with Huawei and Xiaomi said to be in talks with US wireless operators including AT&T and Verizon Communications about selling flagship smartphones to American consumers. The two Chinese companies now barely register in the US, where relationships with carriers are key to penetrating the market. Huawei has already tried selling its flagship Mate 9 phone in the US via e-commerce websites like Amazon.com, but working directly with wireless partners would give it a wider presence across through retail stores, carrier websites and TV commercials.
Huawei’s chief executive didn’t discuss profitability or give division specifics in his memo, which precedes a more comprehensive results report. But it’s said it wanted to keep a closer eye on the bottom line. The company barely grew earnings in 2016 and has said it must reduce operational expenses. In last year’s letter, then-CEO Eric Xu pledged to re-tool management’s approach and avoid “blind optimism and rhetoric.” Counterpoint Research estimates Huawei grabbed 4.9 per cent of global handset profits in the third quarter, ahead of its Chinese rivals but still lagging Apple and Samsung.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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UAE currency: the story behind the money in your pockets
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Disturbing%20facts%20and%20figures
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The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
The%20specs
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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