The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
China's Huawei 2017 revenue ascends backed by smartphone sales and cost controls
On Friday, the world's number three smartphone producer, China's Huawei Technologies reported a 28% jump in the previous year’s net revenue, powered by cost controls as well as a sturdy performance in its home market.
The outlook for the high-tech Chinese company, actually trailing Samsung Electronics along with Apple Inc in mobile devices, is clouded by fierce competition in the domestic market, not to mention diving sales in America because Washington’s considering higher import duties on China's tech stuff.
Shenzhen-based Huawei boasted net revenue surge to about 47.5 billion Yuan the previous year, steeply up from a 0.4% leap in 2016. Apparently, the surge turned to be partly the outcome of a 85% sag in net financing expenses because the Chinese company had smaller foreign exchange losses booked.
Profit inched up 15.7% hitting 603.6 billion Yuan, which is in line with Huawei’s previous guidance as well as its slowest surge for four years.
The Chinese company vowed to concentrate on improving revenue having posted the slowest revenue surge for five years in 2016 because its slim-margin smartphone business suppressed revenue surge.
The company’s consumer business, including smartphone operations, tacked on at a slower 31.9% ending up with 237.2 billion Yuan having shipped up to 153 million smartphones in 2017. The given segment had managed to inch up 43.6% in 2016.
The carrier business, which accounts for almost half of the group's total profit, ascended at a slower tempo of 2.5%, versus 2016's 23.6% expansion because telecom operators are about to present next-generation 5G wireless networks in the nearer future.
Market share revenues in the European Union have helped Huawei to compensate the company's exclusion from America, which appears to be the world's most profitable market for smartphone makers.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!