Huawei sees compound annual growth rate of 10 pct over next 5 yrs

SHENZHEN, April 8 Sun Apr 7, 2013 10:10pm EDT

SHENZHEN, April 8 (Reuters) - China's Huawei Technologies Co Ltd, the world's No.2 telecom equipment maker, said on Monday it expects to record a compound annual growth rate of 10 percent in sales revenue over the next five years, lifted by cloud computing and smartphone sales.

Rotating Chief Executive Officer Guo Ping was speaking at the company's headquarters in the southern Chinese city of Shenzhen where he confirmed a 32 percent rise in Huawei's 2012 net profit to 15.38 billion yuan ($2.5 billion).

Unaudited figures were released in January.

"Information and communications technology will continue to grow, with new opportunities coming from cloud computing, BYOD (Bring Your Own Device), and big data, and feature phones being replaced by smartphones at a faster rate," the company said in a statement. (Reporting by James Pomfret; Writing by Anne Marie Roantree; Editing by Edwina Gibbs)

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