Despite U.S. security concerns, Huawei's profits increase by 25% in 2018

U.S. can't compete with Huawei says company executive

Huawei rips US government over China spying accusations

Not only this, but Huawei also reported a 28% increase in net profits at $8.8 billion for 2018 versus only a 0.4% increase in 2017 over 2016's profits. Revenue from its carrier business fell 1.3 percent to 294 billion yuan, which it blamed on telecommunications industry investment cycles.

Huawei reported a slower pace of profit growth for 2018 as its network business saw its first drop in revenue in two years, overshadowing a robust 45 percent jump in its smartphone unit.

Huawei's US market evaporated after a 2012 congressional report labeled the company a security threat, but sales elsewhere grew rapidly.

"Moreover, the US-led global movement has only just begun and is unlikely to quickly recede even in the event of a trade war agreement".

However, America has urged its allies to lock out Huawei.

But the company vowed to press ahead.

"Cybersecurity and user privacy protection are at the absolute top of our agenda", said Guo Ping, Huawei's rotating chairman, in a prepared statement.

The US official said those findings support similar American assessments that concluded Huawei's equipment can not be "made safe from Chinese influence or disruption". Huawei says it is independent and strongly denies its products pose a security risk.

"No government or any third party holds shares in our company or intervenes in our operations and decision-making", he said.

Huawei Technologies Co is making what is arguably its biggest push to ensure cybersecurity for the rollout of its 5G technology as it eyes double-digit growth in 2019 despite challenges in overseas markets.

"We are confident that the companies that choose to work with Huawei will be the most competitive in the 5G era", he said. And countries that choose to work with Huawei will gain an advantage for the next wave of growth in the digital economy.

Mr Guo said that as of last month, Huawei had signed more than 30 5G commercial contracts and shipped more than 40,000 5G base stations. Overall revenue rose 20 percent to a record $107 billion, buoyed partially by increasing sales overseas, where revenue grew more than in the Asia-Pacific region.

Chinese tech giant Huawei has once again hit back against claims that its equipment or software can be used by Beijing for spying, equating such acts to committing corporate suicide.

Meng, Huawei founder Ren Zhengfei's (任正非) eldest daughter, faces potential extradition on alleged bank fraud linked to US sanctions against Iran.

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