September 11, 2013 / 1:25 PM / 5 years ago

China's Huawei sees 10 percent annual revenue growth over next five years

STOCKHOLM (Reuters) - Chinese telecom equipment firm Huawei said on Wednesday it expected to grow its revenues by 10 percent annually over the next five years from the $35 billion it achieved in 2012.

A man looks at a Huawei mobile phone as he shops at an electronic market in Shanghai January 22, 2013. REUTERS/Carlos Barria

“This growth will come mainly from consumer devices and enterprise,” Huawei’s Vice President of Western Europe sales, Gaston Khoury said at a media presentation in Stockholm.

Huawei, whose arch rival in mobile networks is Sweden’s Ericsson, said this diversification would mean the share of carrier networks in its overall sales would fall from around 73 percent of the total in 2012 to around 60 percent in 2017.

The company said in July it had revenues of 113.8 billion yuan ($18.59 billion)in the first half of the year and that it was on track to increase revenues by 10 percent in the full year 2013.

Reporting by Simon Johnson

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